TimeGate Studios files for bankruptcy

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According to a report, Section 8 developer TimeGate Studios has filed for bankruptcy.

The studio also contributed to the development of Aliens: Colonial Marines and well, we all know what happened with that game after misleading gamers.

Documents obtained from Texas Southern Bankruptcy court indicate that a 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.”

Among these creditors are the likes of Unreal Engine developer Epic Games, online game service Agora Games and trans-media developer DJ2 Entertainment. Others include a local pizzeria that TimeGate owes $34.80 and video game agency Birthplace Management Group, which is owed $20,539.20.

TimeGate also owes substantial – though unknown – sums to SouthPeak Interactive and has been locked in a lawsuit with the publisher over the localisation of Section 8. The studio is facing $7.35 million in damages and the loss of the Section 8 license in a fraud suit with SouthPeak.

Meanwhile, Aliens: Colonial Marines has itself been the subject of much controversy with a lawsuit stating that the movie license TimeGate co-developed with Gearbox was allegedly advertised falsely, with preview footage showing the game looking superior to the final product.