Has Irem gone bust?

It appears as though Irem Software Engineering -- the company that rose from the ashes of the original Irem back in 1997 -- has gone bankrupt. I'm having trouble confirming this, but they have certainly removed their back catalogue from Sony's PSN Store. If this rumour is true it's very sad news indeed, especially as the current Irem made some great R-Type sequels for home consoles, namely the first polygonal R-Type, R-Type Delta for the PS1 and the expansive R-Type Final for the PS2.

Here is a reminder of why Irem is such an important part of arcade history:

Update (25/03/12): All of the Irem stuff on the Nintendo Wii's Virtual Console store has now been deleted, which lends some weight to last summer's rumour of their bankruptcy.