egmnow
My Games
New Games
Top Games



TimeGate Files for Bankruptcy, Reveals Relationship with Square Enix

By
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.

Source: Polygon

Chris Holzworth, News Editor
Chris Holzworth has wanted to write about games all his life. He first cut his teeth writing for enthusiast sites such as RPGFan, and after writing for just about every other enthusiast website he could came across, wound up as EGM's east coast news correspondent (read: editorial intern, a fancy phrase for "slave") before relocating to LA to serve as news editor. [Meet the rest of the crew]

Partner Pages

Subscribe
Subscribe
Subscribe



EGM MEDIA, LLC
8840 Wilshire Blvd.,
Third Floor,
Beverly Hills, CA 90211
egm

© 2014 EGM Media LLC. All rights reserved. Trademarks belong to their respective owners.
Website Interface © 2012 EGM Digital Media, LLC.