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Found 2 results

  1. Marcus Estrada

    TimeGate Files for Bankruptcy

    Aliens: Colonial Marines was one of the first hated games of the year. Over years of development, as well as some hype, gamers led themselves to believe that the title was set to be something great. This turned out not to be the case and many were angered by the product in front of them. Developer TimeGate Studios was caught in the crossfire as they co-developed it. That's not the only thing the developer has had to deal with. Recently, TimeGate had lost against SouthPeak Interactive, who had sued in regards to Section 8's license. Beyond that, there are over forty creditors seeking money back from the company. Companies like Birthplace Management Group are owed $20,000 while others are owed much less. For example, a pizza restaurant requests $33 back from TimeGate. Filing for bankruptcy is the only option they have left which is why they have done so. Apparently, TimeGate owes between 10 and 50 million dollars to these various companies. Will they rise like a phoenix later or is this the beginning of the end for TimeGate?
  2. Jordan Haygood

    Atari, Inc. Files for Bankruptcy

    Over the past few years, Atari has been having some serious money troubles. Even after releasing an updated version of their classic video game Pong and a "greatest hits" compilation of their biggest arcade titles to date, Atari's revenue has been groundrocketing - with the 2012 fiscal year seeing a 34% loss and the 2011 fiscal year seeing a 43% loss. Their yearly profits haven't been very good either, with the company having only earned $11 million in 2012 and $4 million in 2011. And it's due to their financial struggle that Atari S.A.'s U.S. subsidiary, Atari, Inc., has just filed for Chapter 11 Bankruptcy in U.S. Bankruptcy Court in New York late Sunday, according to the L.A. Times.The company, as well as three of its affiliates, filed petitions for Chapter 11 reorganization in an effort to break free from the shackles of debt their French parent company has acquired. The company's intention, so says a source close to the L.A. Times, is to go on after the bankruptcy goes through, hopefully reemerging with its own resources and with little of the debt of its parent company, to find a buyer who will take the company private and grow as a business that focuses more on digital and mobile platforms. One big reason for Atari taking a big financial hit is thanks to London financial company BlueBay Asset Management, which they relied heavily on for money. After a $28-million credit facility with BlueBay lapsed on Dec. 31, Atari was left without the resources to release games they were working on. And with all that happening, along with shares in Atari S.A. dropping in value from more than 11 Euros in 2008 to less than 1 Euro, it was only a matter of time before the child companies tried breaking away.
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