Option A: Pimps will cancel console port of the game

Option B: Pimps will wait till licence agreement with TTG to expire (3-6+ Years), invest more $$$ with new publisher and hopefully get it off the ground again...
Ive no wish to rag on you, so please take this as polite, but this is rather an argument from incredulity fallacy (in other words, these are the options I can think of and only these).
Im afraid thats rather simplistic, as contracts are usually far more complex than this. It is entirely likely there may be void clauses for situations like these, or any number of different things. You can put largely ANYTHING in a contract. All it requires is it to be legal, and agreed upon by all parties.
So, there are a myriad of options we can imagine, and thats due to us not knowing the contract details, so it remains speculation. It could mean they could get access to buy the licence by being given "first dibs", or a cut down rate, or they might just have to wait until the auditors auction it off, if it comes to full closure.
Then theres the matter of how TT games funded iron galaxy as part of this contract. It could be the usual pro rata thing of funds released in chunks as certain targets are met; hard to say bearing in mind the "early access" nature of its development. It could be theyve had all their funding already, and that TTs role was only left to market it now at this late stage. Add to this, there may also be obligations for TT to cover - in whole or part - patch costs, etc. We just dont know how reliant iron galaxy are at this point.
Every situation is different, but one could take some inkling from thqs disaster. Look at how many licences were quickly snapped and reused. Thq nordic, for example.
So, no, they are by far not the only two options.
But it remains, at present, irrelevant as we are not privy to enough informatio. Best bet is to exercise critical thinking skills and NOT assume anything until evidence is offered to us, especially as there are millions of different permutations in how this could be affecting iron galaxy.
Lastly,please excuse my crappy typing. Im old and using a horrific touchscreen for typing this.