Various sites are reporting that licensed game publisher Brash has run out of cash, leaving many of its projects in limbo, including the unannounced Superman game from Factor 5 (Lair).

The publisher has reportedly laid off 20 employees and is looking to raise funds by pairing with other companies and by returning some of the licenses it holds, or selling them altogether.

There are several games in danger of being cancelled, including Prison Break, 300, Night at the Museum 2, Clash of the Titans and more.

Brash, upon its formation last year, had raised over $400 million in funding, but not all the money was delivered upfront. In fact, most of the undelivered money has “dried up” in the current credit crisis.