TimeGates Studios, who where previously known for their Section 8 games and now for co-developing the controversial Aliens: Colonial Marines has filed for Chapter 11 bankruptcy protection in Texas Southern Bankruptcy court yesterday.
The guys over at Polygon obtained the court papers, which stated that the developer is in debt to more than 50 creditors and owed total liabilities ranging from $10-$50 million dollars. Their top creditors include Epic Games (Unreal Engine), Agora Games (online game service), and DJ2 Entertainment. Funny enough, a local pizza shop was listed in the documents, which TimeGate owes $34.80. Wow, are these developers all in the 7th grade that they can’t pay a $35 dollar bill?
I guess life isn’t good for TimeGates Studios and the recent class action lawsuit isn’t going to help them. Weird seeing them lose all this money and still announce a game last month.
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One down, two to go.
I’d like the world to be rid of the scourge that is GearBox and I would like Sega to get their just deserts. Ever since 2005, they have been shoving unfinished games down our throat. Destroying beloved franchises.
I was super excited for Shadow the Hedgehog!
It seems like every developer who partners with SEGA files for bankruptcy afterwards.
Not a particularly good thing.
Actually they are broke mostly due to them trying to sue their publisher for Section 8, they turned around and counter-sued and also took the franchise away from them. Oops.