In a short press release issued this morning, Aureal announced that it has filed for Chapter 11 bankruptcy. The developer of 3D audio technology has been hemorrhaging funds ever since the Creative Labs lawsuit went to court last year. Even though Aureal won, the company never managed to land on its feet. A few weeks ago, the company's entire executive management team resigned, citing irresolvable financial troubles as their reason.
Aureal was one of the first companies to pioneer 3D audio, developing the A3D API and Vortex line of 3D audio chips.