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TimeGate in Chapter 11

Texas-based developer TimeGate Studios has filed for Chapter 11 bankruptcy protection in Texas Southern Bankruptcy Court, reports Polygon, where they say they have seen the relevant court papers. They say the Section 8 developer and Aliens: Colonial Marines codefendant has fewer than 50 creditors and somewhere between $10 million and $50 million in liabilities, which presumably includes the $7.35 million in compensatory damages they owe SouthPeak Interactive after recently losing an appeal of their court case over Section 8. TimeGate, who just last month announced a minimalist shooter called Minimum, has not yet commented on the situation.

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