Timegate reportedly issues mass layoffs as creditors force liquidation

Section 8

By on May 10, 2013 at 10:35 am

Sources at Timegate, who filed for bankruptcy last week in the wake of the Aliens: Colonial Marines debacle, are claiming that the company has now laid off all of its staff.

Staff were reportedly sent home early yesterday, as another source claimed that SouthPeak Interactive — a company to whom Timegate owes something like $10 million — have been successful in forcing Timegate to liquidate rather than proceed with bankruptcy.

If Timegate were allowed to go bankrupt, they would be able to essentially wipe away the $10 million debt and others, and reform as another company without any legal repercussions. SouthPeak were reportedly successful in convincing a bankruptcy judge to change the Chapter 11 bankruptcy proceedings into a Chapter 7 liquidation, to allow creditors like SouthPeak to extract whatever money they can out of the company before it collapses.

Timegate have refused to comment.

Source: Kotaku

Tags:
8 comments (Leave your own)
Artful-dodgeR

Smell that?

That’s fucking justice.

Smells good.

 
 

its justice that people lose their jobs, that did u no harm? no-one from timegate pointed a gun at your head and ordered you to buy colonial marines… jeez gamers these days. entitled bunch of pricks.

 

sirgriggles:
its justice that people lose their jobs, that did u no harm? no-one from timegate pointed a gun at your head and ordered you to buy colonial marines… jeez gamers these days. entitled bunch of pricks.

Not all of us, calm your generalisations there.

Pity it’s the workers that’ll suffer. The ones running the joint will pretty much get off the hook.

 

kinkykel,

sorry :) SOME gamers?

 

artfuldodger,

Yep, agree. Burn baby burn.

 

Why on earth are you happy that Timegate is falling apart. Timegate aren’t the people that sold you the game. Timegate aren’t the people that gave you something when you were expecting something else. Play something they actually make and are proud of like Section 8 or especially Section 8 – Prejudice and they are fantastic for what they are.

 

Shame about all this would have liked to see another Section 8 game.

 
Leave a comment

You can use the following bbCode
[i], [b], [img], [quote], [url href="http://www.google.com/"]Google[/url]

Leave a Reply

PC Gaming Calendar 2014

Follow Games.on.net

YouTube

Steam Group

Upcoming Games

Community Soapbox

Recent Features
Ghost Recon Wildlands

Ghost Recon Wildlands preview: More reconnaissance needed

Another impressive Ubisoft open world, but it's too early to tell how this is shaping up.

Destiny the Taken King

Destiny: The Taken King – Half the content at the full price

James plays The Taken King at E3 and has a good time - until he checks out the price.

Just Cause 3

Just Cause 3 allows you to steal navy warships, destroy bridges and more

Even Just Cause 3's own developers want you to forget about the story and just blow stuff up.

Deus Ex: Mankind Divided

Deus Ex: Mankind Divided learns from the mistakes of the past

Human Revolution but with better boss battles and more augs? James laps it up.

Streaming Radio
Radio Streams are restricted to iiNet group customers.

GreenManGaming MREC

Facebook Like Box