Timegate, the developers behind the upcoming blockman shooter Minimum hit some rocky waters last week when it was announced the company had filed for Bankruptcy. For those unfamiliar with Timegate, the developers previously crafted the Sci-Fi shooter Section 8 and co-developed the absolute train-wreck that was Aliens: Colonial Marines.

It was revealed the studio owed various creditors in amounts ranging from 10 to 50 million including a 7 million fraud lawsuit revolving around Timegate and Section 8’s publisher Southpeak. Timegate also apparently owes a local pizzeria where the studio ran up a heinous tab of $34.80.

Today according to Kotaku, the studio was forced to lay off its entire staff. No doubt the closure had something to do with TimeGate’s financial misfortunes, but there hasn’t been any confirmation as to what dealt the final blow.

Obviously this doesn’t bode well at all for the studio’s upcoming Free-to-Play shooter Minimum which was suppose to be released this year, but now is most likely dead in the water.

Our sympathies go out to all those at TimeGate who lost their jobs.

23 COMMENTS

  1. The $34.80 is what sent them over the deep end. Karma comes to bite you in the ass when you don’t pay for your pizza.

  2. wow must be real idiots to rack up that mutch debt i mean $34.80 omg thats jest amazeing lol tho rilly i didnt think that company was lasting long.

  3. While it’s sad to hear about people losing their jobs, there’s got to be a joke in there somewhere..

    Oh! I’ve got it!

    I suppose doing the bare MINIMUM to get by wasn’t enough! Ahahahah….ah……I’m sorry.

  4. there goes another hype-anticipated game…

    o well, NEXT…. o, this game looks… o nvm, it’s a piece of pizza, NEXT….

  5. The owners were doing BLOW! XD. Well that’s how most restaurants go out of business. Drugs & Alcohol usually dose the trick in most cases. Or money fraud. Hell they had the munchies & didn’t pay for the pizza.XD. Dose that tell you something.

  6. That’s really sad to hear i loved section 8.
    I wish the best of luck for all the people who lost their job.

  7. Gearbox is the one that deserves to be put under the guillotine. Those bastards siphoned funds from TimeGate into the development of Borderlands and then used them as a scapegoat for the false advertising of Aliens: CM when they were the ones that were responsible for the promotion for the game.

      • The gaming market is going to crash again like it did in the 80’s. There’s obviously the economic depression that went on few years ago which most major companies have only barely recovered from and in addition to that, there’s so much widespread BS going on that consumers as a whole are becoming frustrated and apathetic.

    • TimeGate was a major contributor to Aliens: Colonial Marines and before that they made a bunch of mediocre games which i doubt made them much money to stay afloat. I’m guessing they over estimated their financial capabilities after ACM failed and didn’t have enough money to get Minimum out. I’m also guessing Minimum was going to be their get out of their financial shit hole card, but X_X

  8. “Timegate also apparently owes a local pizzeria where the studio ran up a heinous tab of $34.80.”

    LOL

    Come on guys. Someone needs to go to prison for this terrible crime!

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