TimeGate Studios files for Chapter 11 bankruptcy

Thursday, 2nd May 2013 20:39 GMT By Stephany Nunneley

After laying off a lot of staff members and being hit with a $7.35 million lawsuit by SouthPeak Interactive, TimeGate Studios has filed for Chapter 11 bankruptcy protection.

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.



  1. Bashtee

    No surprise. After Alien they probably wouldn’t get a single contract.

    #1 2 years ago
  2. Beta

    They’ve seriously declared bankruptcy on $35 worth of pizza?

    #2 2 years ago
  3. The_Red

    I think it should be Gearbox that’s not getting more contracts after Aliens fiasco, not these guys. Gearbox outsourced the game to them but probably gave them a really small part of the budget Sega had given them.

    #3 2 years ago

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