TimeGate Studios Files For Bankruptcy

TimeGate Studios, the Texas-based co-developer of Aliens: Colonial Marines and developer of Section 8, filed a petition for Chapter 11 bankruptcy protection in the Texas Southern Bankruptcy Court on Wednesday.

According to Polygon,  “The petition filed by TimeGate lists less than 50 creditors owed money by the game developer and total liabilities ranging from $10 million to $50 million. TimeGate’s top creditors include companies like Unreal Engine developer Epic Games, online game service Agora Games and transmedia developer DJ2 Entertainment. Creditors listed in court documents also include a local pizzeria, to whom TimeGate owes $34.80, and video game agency Birthplace Management Group, which is owed $20,539.20.” The story also goes on to reveal that TimeGate Studios also owes substantial debts to SouthPeak Interactive, in which it had been involved with a lawsuit involving the localization of Section 8. Recently, TimeGate had done work on Sega’s Aliens: Colonial Marines with Gearbox Software, and had been forced to perform layoffs in March.

Source: Polygon