Assets and IPs belonging to Team Bondi has been sold off, according to Develop.
It comes as it was rumoured last week it had gone bankrupt.
The site reports that game IP and assets from the Sydney studio have been sold off to KMM (Kennedy Miller Mitchell), who were rumoured last week to have acquired the developer.
It also claims that all Team Bondi staff have been given offers to jobs at KMM, with head Brendan McNamara offering a role at KMM or a severance package.
LA Noire will be unaffected either way, though: Rockstar owns the IP, with Rockstar Leeds developing the upcoming PC version.