TimeGate Studios files for bankruptcy

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TimeGate Studios files for bankruptcy

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.

About Jamie Tarren

Jamie is the Assistant Editor for Xboxer360. He shares a passion for gaming and will happily play most genres. He also loves FIFA, The Walking Dead and print t-shirts,