Posted on May 4, 2013 AT 09:07am
The developers behind Aliens: Colonial Marines have filed for Chapter 11 bankruptcy.
According to an affidavit filed in TimeGate Studios’ bankruptcy case, Square Enix was originally set to publish their upcoming free-to-play minimalistic shooter Minimum.
John T. Young, Jr., chief restructuring offer in TimeGate’s Chapter 11 case, says Square Enix invested “approximately $3 million into the development of Minimum and agreed to fund additional amounts after the release of the game.”
TimeGate filed for Chapter 11 bankruptcy protection in Texas Southern Bankruptcy Court on Wednesday, May 1, in the wake of lessening contract work and funding struggles. The studio faces $7.35 million in damages from their SouthPeak Interactive lawsuit, as well as the loss of the Section 8 IP. This marks yet another contributing factor in their bankruptcy. According to TimeGate, they were “unable to consummate any transaction to finance the completion of Minimum” as a result of the legal battles with SouthPeak.
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