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Report: TimeGate lays off remaining staff

Section 8 developer TimeGate laid off its staff today, according to sources who spoke with Kotaku. The studio, which also co-developed Aliens: Colonial Marines with Gearbox Interactive, applied for Chapter 11 bankruptcy protection last week.

Liabilities declared for the bankruptcy proceedings stretched from $10 to $50 million, not including a multi-million dollar fraud judgment against the studio on behalf of Section 8 publisher SouthPeak Interactive. SouthPeak claimed the bankruptcy was a ruse to protect the external assets of TimeGate's majority owners, the Wall Street Journal reports, and asked a bankruptcy judge to convert the proceedings into a Chapter 7 liquidation.

One of Kotaku's sources claims SouthPeak's move was successful in arbitration, and that was the end of TimeGate.

4 comments

  • THETHINGABOUT - May 10, 2013 3:53 a.m.

    Timegate joining in the Week of Hate fun.
  • Child Of Death - May 9, 2013 3:56 p.m.

    Its normally sad to hear about people losing their jobs but in this case I dont. No sane or smart developer would hire them either.
  • dlam - May 9, 2013 8:16 p.m.

    omg is death really your dad???????? wowowoow
  • Shinn - May 9, 2013 9:06 p.m.

    I dunno, it sort of seems like Gearbox threw them under the bus when they realised they couldn't deliver.

Showing 1-4 of 4 comments

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