The lights are on
According to a new report, the Section 8 studio, which also
worked on the ill-fated Aliens: Colonial Marines, has filed for bankruptcy.
The website Polygon has published a story based on Texas
bankruptcy court documents that it obtained.
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 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 critically panned
Aliens: Colonial Marines along with Gearbox Software and was forced to conduct
extensive layoffs in March.
We send out our condolences to TimeGate and the people who
have lost their jobs. However, this bankruptcy filing will at least preclude
the company for being named in the class action lawsuit that has resulted from
Aliens: Colonial Marines.
Email the author Matt Helgeson, or follow on Twitter, and Game Informer.