{"rewrite":{"id":"r_0d3843d47de8e571465556b5","clusterId":"c_bb8012e555d5a759abdfb02c","slug":"evr-studio-files-for-bankruptcy-after-mudang-two-hearts-reveal","model":"deepseek-v4-flash","headline":"EVR Studio Files for Bankruptcy After MUDANG: Two Hearts Reveal","summary":"Korean developer EVR Studio, which announced the stealth action shooter MUDANG: Two Hearts at the Xbox Games Showcase 2025, has filed for bankruptcy. The studio's staff had already shrunk to just two people by January 2026. A major investor, Cheil Worldwide, confirmed that bankruptcy proceedings are underway in court.","whyItMatters":"The collapse of EVR Studio, just over a year after a high-profile Xbox showcase, leaves the future of MUDANG: Two Hearts uncertain and highlights the fragility of independent studios that rely on large-scale reveals without secured funding.","webCardHtml":"\u003cp\u003eEVR Studio, the Korean developer behind the stealth action shooter MUDANG: Two Hearts, has filed for bankruptcy, according to Korean media reports confirmed by Game Spark. The studio, which debuted the title at the Xbox Games Showcase 2025, had already seen its workforce drop to just two employees by January 2026. Cheil Worldwide, a major Korean agency that invested in EVR Studio, stated that bankruptcy proceedings are now active in court and that it is registered as a creditor. The company added that remaining assets will be distributed per legal order. MUDANG: Two Hearts, a stealth action shooter set in a unified Korea under terrorist attack, was planned for release on Xbox and PC, but its status is now unclear.\u003c/p\u003e","blueskyPost":"EVR Studio, developer of the Xbox-showcased MUDANG: Two Hearts, has filed for bankruptcy. Staff had dropped to two by January 2026. Investor Cheil Worldwide confirmed court proceedings are underway.","twitterPost":"EVR Studio, the Korean dev behind MUDANG: Two Hearts (revealed at Xbox Games Showcase 2025), has filed for bankruptcy. Staff was down to two by Jan 2026. Investor Cheil Worldwide confirmed court proceedings.","threadsPost":null,"newsletterBlurb":"EVR Studio, the Korean developer behind the stealth action shooter MUDANG: Two Hearts, has filed for bankruptcy. The studio's staff had already shrunk to just two people by January 2026. A major investor, Cheil Worldwide, confirmed that bankruptcy proceedings are underway in court.","attributionJson":"[{\"source\":\"Game Spark\",\"url\":\"http://www.gamespark.jp/article/2026/06/23/168313.html\",\"title\":\"Announced at Xbox showcase... Korean large-scale military stealth ACT 'MUDANG' developer EVR STUDIO had filed for bankruptcy\"}]","lintFlagsJson":null,"lintHits":0,"costUsd":0,"inputTokens":4250,"outputTokens":570,"status":"published","repairAttempts":0,"nextRepairAt":null,"factsAttemptedAt":1782188194,"createdAt":"2026-06-23T04:06:31.000Z","publishedAt":"2026-06-23T04:10:24.000Z","updatedAt":"2026-06-23T04:10:24.000Z"},"cluster":{"id":"c_bb8012e555d5a759abdfb02c","canonicalTitle":"Xboxのショーケースで発表も…韓国の大型ミリタリーステルスACT『MUDANG』開発のEVR STUDIO破産宣告を受けていた","representativeArticleId":"a_056b64f4a8de777ae0663581","sourceCount":2,"writtenSourceCount":1,"writeAttempts":0,"isSolo":false,"entitiesJson":"{\"anime_titles\":[],\"manga_titles\":[],\"work_titles\":[\"MUDANG\"],\"studios\":[\"EVR Studio\"],\"people\":[],\"type\":\"news\",\"domain\":\"games\",\"is_roundup\":false}","contentType":"news","status":"published","firstSeenAt":"2026-06-23T02:45:03.000Z","lastSeenAt":"2026-06-24T02:30:03.000Z","updatedAt":"2026-06-24T02:40:57.000Z"},"attribution":[{"source":"GameBusiness.jp","url":"https://www.gamebusiness.jp/article/2026/06/24/27305.html","title":"Xboxのショーケースで発表も…韓国の大型ミリタリーステルスACT『MUDANG』開発のEVR STUDIO破産宣告を受けていた"},{"source":"Game Spark","url":"http://www.gamespark.jp/article/2026/06/23/168313.html","title":"Xboxのショーケースで発表も…韓国の大型ミリタリーステルスACT『MUDANG』開発のEVR STUDIO破産宣告を受けていた"}],"entities":{"anime_titles":[],"manga_titles":[],"work_titles":["MUDANG"],"studios":["EVR Studio"],"people":[],"type":"news","domain":"games","is_roundup":false},"keyFacts":null}