TimeGate Studios Inc., a video game developer behind “Section 8” and “Aliens: Colonial Marines,” has filed for bankruptcy and has put its business on the auction block after an appellate court reinstated a $9 million judgment against the company, the Wall Street Journal reported on Saturday. TimeGate’s lenders have agreed to serve as the stalking-horse bidder for an auction of the company’s assets in a deal valued at $2.6 million. The purchase price, which must include at least $150,000 in cash, is subject to higher bids at a bankruptcy auction.
