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TimeGate Studios files for Chapter 11 bankruptcy 

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.

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Aliens: Colonial Marines

PS3, Xbox 360, Nintendo Wii U, PC

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Stephany Nunneley-Jackson

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Stephany is VG247’s News Editor, with 22 years experience (with 15 of them at VG247). With a brain that lacks adhesive ducks, the ill-tempered, chaotic neutral fembot does her best to bring you the most interesting gaming news. She is also unofficially the site’s Lord of the Rings/Elder Scrolls Editor.

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