According to Kotaku, Timegate, the studio responsible for Section 8 and co-developed Aliens: Colonial Marines has laid off it's entire staff.
On May 2 the company filed for bankruptcy protection citing that it was $50 million in debt to over 50 companies that included Epic Games, Agora Games, DJ2 Entertainment and other smaller organizations.
In April Timegate lost it's appeal against SouthPeak interactive, losing the licensing rights to Section 8 and gain $7.35 million in debt. SouthPeak fought the company, questioning the genuine nature of Timegate's filing for convert their Chapter 11 to Chapter 7, won the arbitration, according to the report. Timegate had to layoff 25 employees in March after a rough transition to the next-generation consoles and publishing deals failing.
The next project for release by the company was a free-to-play shooter on the PC called Minimum that was launching on April 16.
Source: Kotaku
Adam Siddiqui, NoobFeed
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