Time Gate, the studio behind the controversial game Aliens Colonial Marines is no more.
Kotaku has reported that TimeGate laid off all of its employees today.
TimeGate was hit with layoffs in March of 2013 following the release of its last released game; Aliens Colonial Marines. A games that was panned by players and critics alike.
After the shaky release of Aliens Colonial Marines and the bad publicity revolving around it, the studio fell on financial troubles in the following months, which led to the company filing for bankruptcy in the last week.
However, the Publisher South Peak decided to contest the bankruptcy filing and according to Kotaku sources, the publisher might just have won the arbitration process.
According the will of South Peak, TimeGate will have to convert thier Chapter 11 Bankruptcy into a Chapter 7 Liquidation, which will require the company to shut down completely.
As of this time, TimeGate has not issued an official statement regarding this ordeal.