Welp, seems that time’s up for TimeGate. After the Section 8 and Aliens: Colonial Marines campaign dev filed for Chapter 11 bankruptcy last week, reports recently surfaced that the entire operation’s now kaput. I did a little digging of my own, and sources very close to the company confirmed the reports to RPS without hesitation. Details are still fairly scant at the moment, but you’ll find a few after the break.

RPS’ main source chalked up the closure to a legal intervention from Section 8 publisher Southpeak, which – according to the Wall Street Journal – sought to change TimeGate’s Chapter 11 declaration into a Chapter 7. The reason? Southpeak claimed Chapter 11 was only a “ruse” to keep top employees and their, er, healthcare company Healix Inc from going down with the ship.

While not entirely privy to the suit’s nitty gritty details, our source claims Southpeak was quite successful in the end.

“Yes, TimeGate is indeed shut down today,” our source said. “Many longtime employees were let go. I don’t know the details of the lawsuit, but I know that the most recent ruling effectively killed off the studio.”

Kotaku, meanwhile, spoke with sources that alleged a similar outcome. The site also attempted to contact TimeGate, but to no avail. Just for fun (and because I love encountering new and exotic voicemails), I gave the studio a call as well. No dice.

It’s all quite damning, though the final nail in the confirmation coffin – official word from TimeGate’s higher-ups – hasn’t sealed the deal just yet. As for the fate of the studio’s recently announced rock ’em sock ’em block bots shooter Minimum, nothing’s known quite yet. Obviously, the prognosis isn’t great, but I’m poking various sources to find out exactly what its fate might be. As soon as I know more, you will too.

UPDATE: And here’s a source on Minimum’s future. Unfortunately, things aren’t looking overly promising.

“It’s done for now and probably forever. My assumption is that TimeGate will be forced to sell the IP and assets (code, art, etc) in order to help pay off their creditors. It wouldn’t surprise me to see a situation similar to 38 Studios where an entity with no interest in game development ends up with it, the way the state of Rhode Island now owns the Amalur MMO. Maybe that pizza place TimeGate stiffed for 40 bucks will take it.”