It's not clear what the ramifications of this are: While Battlefront 3 is rumored to be in development at either Rebellion (in the UK) or Pandemic (in LA), the latest in Free Radical's longest-running series, TimeSplitters 4, could still be on the table. Of course, Crytek would have to make a few changes ... there's got to be some way they can fit the word "cry" into the title somewhere.
[UPDATE] GamesIndustry.biz has confirmed via the administrators that the sale has gone ahead. As a result, 40 jobs have been saved. A formal announcement is expected later today, when we'll hopefully find out more details.