Section 8 studio TimeGate files for Chapter 11 bankruptcy
Section 8 studio and Aliens: Colonial Marines co-developer TimeGate has filed for Chapter 11 bankruptcy protection. Polygon reports the Sugar Land, Texas-based studio filed on Wednesday with total liabilities ranging from $10 million to $50 million.
Its top creditors include Epic Games, from which it licensed the Unreal Engine, among other gaming services and developers. TimeGate also owes an “unknown” amount to Section 8 publisher Southpeak Interactive, which Polygon says is likely its most significant liability.
The studio, which was formed in 1998, even owes a local pizzeria $34.80.
It’s been a rough few months for TimeGate. Besides working on the roundly panned (sorry, we’re still thinking about pizza) Colonial Marines, it also owes $7.35 million to Southpeak for compensatory damages related to Section 8.
TimeGate reportedly laid off about 25 employees in March.