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The way that brand was run into the ground should be a crime.
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Well, there was a law passed about 20 years ago that was supposed to protect firearms companies from lawsuits like the one that finally torpedoed them. And the Freedom Group saddling them with all of their debt before spinning them off was bound to be hard to recover from. When you add legal expenses to the massive debt the Freedom Group left them with, it's no wonder they folded.
As far as who will make the 700, I don't know that but I would bet money it will be produced. There is just too much value in the name and reputation to allow it to die. It's a good design, much copied, with lots of aftermarket parts and lots of custom support.
It's kinda like Colt with 1911s: before about 1990, if you wanted a 1911 it was pretty sure to be a Colt. Not that they were the only one, but they were the best quality, best known and the most available. After 1995 there has been a flood of 1911s, everybody wants to produce one. First it was US makers, then Brazil, China, Europeans, and now even the Turks are getting into the market. And you have to be careful, because not all the guns sold as 1911s are really 1911s, they use proprietay parts or the dimensions are different enough to keep you from you using aftermarket 1911 parts.