PCInvasion reports that Obsidians cancelled 2012 project has been picked up by a different publisher.
More information.At the conclusion of a long chat with Game Informer, Obsidian's Feargus Urquhart talks a little bit about the company's cancelled ‘North Carolina' project and its upcoming rebirth (in something of a new form).
North Carolina was the working title for an Obsidian game intended to be a first-party launch game for the Xbox One. Microsoft's cancellation of the deal was a major contributor to Obsidian's financial problems in 2011/2012.
Very little is known about what the game actually was, but Urquhart explains that at the time the project was unsuccessfully re-pitched to a number of publishers. He characterises this as Obsidian's lowest point, and the catalyst for the Kickstarter to make Pillars of Eternity.
However, he goes on to say that a publisher (he doesn't name who) has in fact now picked the title up. You can hear the relevant section at this time-stamped link.