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Welp, seems that time’s up for TimeGate. After the Section 8 and Aliens: Colonial Marines campaign dev filed for Chapter 11 bankruptcy last week, reports recently surfaced that the entire operation’s now kaput. I did a little digging of my own, and sources very close to the company confirmed the reports to RPS without hesitation. Details are still fairly scant at the moment, but you’ll find a few after the break.
Despite what its name might imply, bankruptcy doesn’t necessarily mean death. Not for businesses, anyway. But yeesh, Aliens: Colonial Marines co-developer and Section 8 mastermind TimeGate has some far more frightening numbers to deal with than the looming specter of Chapter 11. The short version? The developer’s total liabilities (i.e. the amount they owe various creditors) fall in the $10 to $50 million bracket, presumably including $7.35 million stemming from a fraud suit by Section 8 publisher Southpeak. Things are not looking pretty, to put it lightly.