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

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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.

 
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