Eurogamer notes Spellbound (Gothic 4) has returned from the dead as Black Forest Games and wants to be "a leader in RPG and strategy games". Apparently 40 out of 65 key teammembers have made the transition to the new company.

Another one bites the dust ... as the whole German internet reports, ArcaniA developer Spellbound had to file for insolvency after a failed investment round. It's quite surprising news because Spellbound was expanding into mobile and online games.
Everyday business continues without changes. Due to the insolvency the wages for the 65 employees are guaranteed by law, at least for a certain time.
The insolvency administrator is optimistic Spellbound can be saved. They have a couple of projects relatively close to release and investors are interested. Search for investors has started immediately.

German insolvency law is strict. If certain requirements are met or certain obligations can no longer be fulfilled, a company must file for bankruptcy. Failing to do so would get the managing director into serious legal trouble. Companies with substance generally have realistic chances to recover.

Spellbound is currently working on the action-RPG Ravensdale.

If you recall, we broke news of Ravensdale a few weeks back, with confusing information about the status of the game.  An official press release has arrived today for this steampunk-ish entry from Spellbound, with the game due in 2012. They describe it as "fantasy action", which obviously sounds like reduced RPG elements:

Spellbound announced new multiplatform project

Project "Ravensdale" set to be a new milestone in the fantasy action genre

Kehl, Germany, April 22nd 2010 – Today, the German development studio Spellbound Entertainment AG officially announced its new project “Ravensdale”. The highly ambitious action game is set in a striking fantasy world offering a fresh and unique approach to the genre. The game will be developed for Xbox360, Playstation 3 and PC and is targeting for a release in 2012.

Project “Ravensdale” is a fast paced fantasy action game in a very unique “steam powered” setting featuring cool and outrageously over-powered gadgetry. The player will seek out high pressure steam outlets, to supercharge his equipment, allowing him to pulverize his adversaries and overcome the obstacles on his path.

“We are proud to announce our new project. Spellbound has been creating successful brands and projects for over 15 years. Our products have always been and continue to be exemplary in the domain of creativity, aesthetic quality and art style. Our “steam powered” approach brings a completely refreshing and surprising value to the fantasy action genre. We are very excited about our new project and delighted by the strong interest that it is attracting.” Andreas Speer, CEO at Spellbound Entertainment AG comments.

Here's an interesting one.  A GDC presentation by Trinigy's Dag Frommhold has revealed a new RPG in the works at Spellbound.  Trinigy is the developer of the Vision 8 Engine used by Spellbound to make Arcania: A Gothic Tale and, also, the new Ravensdale.  A video of his 38 minute presentation sees Frommhold fire up a demo of Ravensdale, revealing a 3rd-person RPG with very nice art.  The game is described as "sort of steampunk" and we see a gameworld that melds fantasy and steampunk elements, such as an ogre-like creature wearing a big machine on his back.  The Ravensdale part starts at 10:00 and is well worth a look.

edit: For a complete picture please read the updated newsbit too.