By Nathan Grayson on May 3rd, 2013 at 9:00 am.
Despite what its name might imply, bankruptcy doesn’t necessarily mean death. Not for businesses, anyway. But yeesh, Aliens: Colonial Marines co-developer and Section 8 mastermind TimeGate has some far more frightening numbers to deal with than the looming specter of Chapter 11. The short version? The developer’s total liabilities (i.e. the amount they owe various creditors) fall in the $10 to $50 million bracket, presumably including $7.35 million stemming from a fraud suit by Section 8 publisher Southpeak. Things are not looking pretty, to put it lightly.
Polygon uncovered TimeGate’s Chapter 11 petition, which also includes various amounts (disclosed and undisclosed) owed to Epic Games, DJ2 Entertainment, game agency Birthplace Management Group, and online service Agora Games. Also, um, a pizzeria where TimeGate ran up an absolutely heinous tab of $34.80. Those thieving brigands.
Most recently, TimeGate announced multiplayer blockman shooter/giant robot cheerleader Minimum. That, of course, came after the dev allegedly acid puked large portions of Aliens: Colonial Marines’ execrable campaign into existence (which also resulted in a lawsuit of its own, though not one directed at TimeGate).
Obviously, TimeGate’s in the process of trying to bail itself out. Will it succeed, though? I’m not a business or financial expert, so I have no idea. I’ve sought comment from TimeGate, but haven’t heard anything back so far. If that changes (or I hear anything of substance through the grapevine), you’ll be the first to know. Will the pizzeria ever get its much-deserved dues? I won’t sleep until I get to the bottom of this.