The news has just gone from bad to worse for TimeGate Studios, co-developer of Aliens: Colonial Marines, as the company has reportedly laid off its entire staff. Nothing has been officially confirmed just yet, but regardless things are looking grim. TimeGate has been in some hot water lately, as some employees were let go in March and then the studio filed for Chapter 11 bankruptcy protection last week.
TimeGate has been around since 1998, and released the RTS series Kohan in 2001. It followed that with Axis & Allies in 2004, then began working on FPS games with expansion packs for F.E.A.R., and then Section 8 and Section 8: Prejudice. The studio was one of the co-developers on the poorly received Aliens: Colonial Marines, as TimeGate worked with Gearbox and Nerve Software on the title.
If the news is indeed true and TimeGate has laid off everyone, hopefully those former employees can find new jobs soon. Once there's some kind of confirmation, you can be sure to find it here.