Multi-million dollar judgment forces TimeGate into bankruptcy

An appellate court judge ordered that a $9 million judgment be reinstated against video game developer, TimeGate, forcing it to file for bankruptcy relief. The creator of such games as “Section 8” and “Aliens: Colonial Marines” will sell its assets by way of a bankruptcy auction. Lenders are set to place the stalking horse (or lead) bid but this must be approved by the bankruptcy court. The lenders can be outbid at the bankruptcy auction.

For more read, “Videogame Developer TimeGate Files for Bankruptcy, Looks for Buyer.”

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