We reported last month that Nottingham-based Free Radical Design, the developer behind the Timesplitters series and last year's PS3 exclusive shooter, Haze, had gone into adminstration over the Christmas period

Job losses were inevitable and the future of the studio was in doubt, but today it's been revealed that Crytek, the German company who developed the engines for Crysis and Far Cry, have swooped in to pick up the pieces.

In a conversation with 1UP, Free Radical's Rob Yescombe said "After seven long weeks of uncertainty, I can confirm that Free Radical is now out of the woods. We've been bought by a really, really good company." He added, "It's the smoothest deal we've ever done. It all went through quickly, efficiently, fantastically..."

Games Industry.biz reports that Free Radical's administrator has confirmed the news, stating that the staff who were axed at Christmas will probably get their jobs back. "We are pleased to announce that a sale completed to Crytek late last night thus preserving over 40 jobs," reads the statement.

Looks like Haze 2 could be worth the wait.