Thu, May 02, 2013 | 22:37 BST
TimeGate Studios files for Chapter 11 bankruptcy
According to a report on Polygon, the main creditors the firm is filing bankruptcy on are Epic Games, Southpeak Interactive, Agora Games, DJ2 Entertainment, and a local pizza place.
Monetary amounts owed range from $34.80 to $20 million. In all there are less than 50 creditors and total liabilities range from $10 million to $50 million.
Chapter 11 is a chapter of the United States Bankruptcy Code, permitting reorganization under US bankruptcy laws and is available to every business or individual. However, it is used prominently by corporations.