According to a post on the official Hellgate forums, Namco has stepped in to save the Flagship game being washed away in the wake of the developer's demise.
"I know everyone is looking for an announcement, and we'd love to make one, but right now, many things are in flux and we don't have all the information yet," said Zack Karlsson, business development boss at Namco US. "As soon as we do, we'll post here on the forums, on the website, and anywhere else we can find you.
"In the short term, please do not worry. The game is up, the servers are not going away in the short term and any major changes to status will be communicated in advance."
There's now a Hellgate homepage up on Namco's site, so it looks as though there's been a stay of execution on the part-MMO.