GamesIndustry.biz reported:

"Italy's oldest development studio, Trecision, has gone into liquidation after 12 years in business - but the company is hopeful that a buyer may step in to allow the completion of work on its forthcoming football title."

I had some contact with Trecision and Pietro Montelatici, their managing director, when they pitched a game to Blue Byte while I was working there in the mid-nineties. He's a nice guy and they've made some pretty good games. The last I heard, they were expanding, but that was during the dot-com boom - obviously things aren't going that well now. Here's hoping they'll find a source of financing.