TimeGate Studios Files for Bankruptcy
TimeGate Studios has filed for bankruptcy, revealing millions owed to various creditors. According to Polygon, a petition for chapter 11 bankruptcy was filed in Texas Southern Bankruptcy Court yesterday, listing dozens of creditors owed money by the developer.
TimeGate owes between $10 and $50 million in liabilities, with listed creditors including Epic Games, Agora Games, DJ2 Entertainment and even “a local pizzeria, to whom TimeGate owes $34.80.” TimeGate also owes an “unknown” amount to Southpeak Interactive, who recently sued the developer, resulting in TimeGate’s loss of the Section 8 license and up to $7 million in owed damages.
In addition to Section 8 and Section 8 and Section 8: Prejudice, TimeGate co-developed Aliens: Colonial Marines, with Gearbox CEO Randy Pitchford telling IGN in February that TimeGate worked on “probably about 20 or 25 percent of the total time” on the game and “if you take preproduction out of it, their effort’s probably equivalent to ours.”
TimeGate last announced Minimum, a free-to-play PC shooter originally due to be released this year.
We’ve reached out to TimeGate for comment and will update this story if we hear back.
Andrew Goldfarb is IGN’s news editor. Keep up with pictures of the latest food he’s been eating by following @garfep on Twitter or garfep on IGN.