TimeGate in turmoil, owing creditors for engine licensing, pizza
The tale of Aliens: Colonial Marines
' tumultuous development gained an additional layer on Wednesday when the game's co-developer TimeGate Studios filed for bankruptcy protection with the Texas Southern Bankruptcy Court, according to Polygon
The petition means TimeGate is requesting the court to protect the company from creditors, giving itself some breathing room while it gets its finances in order, and sorts out a way to deal with its debts.
TimeGate's bankruptcy protection filing comes on the heels of a 2009 legal battle with SouthPeak Interactive, in which SouthPeak was awarded $7.35 million and full control of the embattled Section 8
license. The final ruling on the arbitration award is pending within the U.S. Court of Appeals; in the bankruptcy protection petition, TimeGate listed their financial obligation to SouthPeak as "unknown."
Other items on TimeGate's list of creditors include:
- Epic Games (developers for the Unreal Engine)
- Agora Games (online game service)
- DJ2 Entertainment (a transmedia firm)
- Birthplace Management Group (a video game agency, owed $20,539.20)
- A local pizza establishment (owed $34.80)
TimeGate's total liabilities fall within the range of $10 million to $50 million.