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(Pocket-lint) - OnLive is dead, long live OnLive! A new company has risen from the ashes of OnLive's recent collapse admid reports that it was $30-$40 million in debt, and will continue with the OnLive name.

A new backer has been found and the company has been swift in responding to customer worries that the content they've paid for will be no longer accessible to them. It has also confirmed that CEO Steve Perlman will remain in charge of the cloud gaming service.

In an open letter to the OnLive Fans community, the new team - which includes some of the staffers previously made redundant - explains that subscribers will have a seamless transition, and that all games previously purchased would remain in their accounts.

"OnLive has a new investor, so we can assure everyone that that there will be complete continuity, and all of your purchases, achievements, Brag Clip videos, etc are all there, with no interruption," it says.

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"OnLive has been up and running 24/7 since launch, and we absolutely plan to keep it that way."

As well as undergoing a financial "reboot",  OnLive is also looking forward to new services in the future.

"Steve continues as CEO and is currently concentrating on the transition; once this is complete, he’ll be very focused on our next product releases and the vision," the statement says.

"There will be changes to the organisation both with old and new OnLive staff that will be bringing new features and games to the service. There will be more announcements — both large and small, such as the arrival of the Vizio CoStar and the Ouya Kickstarter project, and stay tuned for major announcements coming soon."

The note about Ouya is of particular interest as there are some who are speculating that Ouya may well be one of the new investors in OnLive, considering the enormous sum of money it raised on Kickstarter and the partnership it struck last month before the cloud gaming platform's troubles became known.

When Pocket-lint finds out more on this, or any further developments, we'll let you know.

Are you a subscriber to OnLive? Are you worried about what's going on? Let us know in the comments below...

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Writing by Rik Henderson.