TimeGate Studios files for Chapter 11 bankruptcy

Thursday, 2 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.

Sometimes we include links to online retail stores. If you click on one and make a purchase we may receive a small commission. For more information, go here.

ADVERT