TimeGate Studios Files For Bankruptcy

Aliens Colonial Marines contributor and Section 8 Prejudice developer TimeGate Studios has filed for bankruptcy after owing millions it has emerged.



The developer filed for chapter 11 bankruptcy in the Texas Southern Bankruptcy Court and providing a long list of creditors TimeGate collectively owes millions to. Among the list of creditors are the likes of Epic Games, DJ2 Entertainment and perhaps the most eye-brow raising one being “a local pizzeria, to whom TimeGate owes $34.80.” TimeGate was also sued by Southpeak Interactive recently who is owed an undisclosed amount of money. On top of the amount owed to Southpeak, TimeGate must also pay $7 million in damages and give up the Section 8 license.

Altogether, TimeGate owes money falling in between $10 and $50 million.

TimeGate helped Gearbox develop Aliens Colonial Marines which was released in February this year. Coincidentally, Gearbox are also facing financial trouble at the moment after it emerged it was being sued for false advertisement.

George Sinclair is an editor for Analog Addiction, the home of the latest news, reviews and previews. You can find George on Twitter and his blog on IGN. Be sure to follow the OFFICIAL Analog Addiction Twitter as well!



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