Failed cops and crooks MMO APB: All Points Bulletin is getting a new lease on life. Free-to-play MMO publisher GamersFirst confirmed today that its subsidiary, the aptly named Reloaded Productions, has acquired the IP rights for the game and plans to relaunch it next year as a AAA free-to-play title.

We heard rumors of the acquisition last week, and GamesIndustry.biz reported that it went down for roughly $2 million. GamersFirst didn't disclose the financial details, but it did confirm the game will be overhauled and republished online as ABP: Reloaded.

"APB was a game that had several exceptional features and some brilliant ideas, even though it was plagued by some initial balance and monetization issues," Bjorn Book-Larsson, CTO and COO of GamersFirst, said in a statement. "We want to take all the unique features of this title, such as its unparalleled character, weapon and car customization systems, and convert the game to a true free-to-play game."

"We are deep into the planning and early execution stages for this next chapter of APB and we will share more details in the near future," Book-Larsson continued. "In order to put gamers first we will also actively engage the community in many aspects of all the planned changes."

The sale also closes the chapter on Realtime Worlds, the developer founded by gaming icon Dave Jones. After the success of the original Crackdown, Realtime Worlds would become Scotland's biggest game studio. But everything came crashing down when APB was released to dismal reviews and poor sales. The studio went bankrupt and laid off its more than 200 employees.

The firm responsible for trying to restructure Realtime Worlds, Begbies Traynor, said the studio could not be saved, (apb gold)but the sale of the APB will allow the developer to pay all outstanding wages and holiday pay claims to its former employees.

GamersFirst added that APB: Reloaded should be ready for its relaunch sometime during the first half of 2011.