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THQ Files For Bankruptcy, Looking For Buyer
Filed under: THQ

Publisher THQ today has officially filed for Chapter 11 bankruptcy, entering an Asset Purchase Agreement with affiliates of Clearlake Capital Group to purchase practically all THQ assets. That includes 4 studios that are working under THQ's brand on various games, which are currently in development.

This agreement should relieve THQ from certain legacy obligations, giving financial backing of "a new owner with substantial experience in software and technology."

To facilitate the sale, THQ and its domestic business units have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware. The company's foreign operations, including Canada, are not included in the filings. The company has obtained commitments from Wells Fargo and Clearlake for debtor-in possession (DIP) financing of approximately $37.5 million, subject to Court approval.

"The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ's deep bench of talent," said Brian Farrell, Chairman and CEO of THQ. "We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible."

In case you want to know, the 4 THQ titles currently in development are Metro: Last Light, Company of Heroes 2, South Park: The Stick of Truth and a Saints Row game (formerly known as Enter the Dominatrix).

Update: Hopefully, this won't affect several projects that are underway, even though THQ was recently forced to delay the aforementioned games.



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6 post(s)
Reader Comments
Vodoo Dec 20 2012, 01:31 pm EST
while EA, Blizzard, Activision and many more continue to put out garbage.

sigh.
Terminator Dec 20 2012, 03:08 pm EST
This is fucking sad.
KraGeRzR Dec 20 2012, 03:50 pm EST
It's ok guys. They were bought by a bidder. The games are fine, and should continue to be released on time by THQ.
LostPcGamer Dec 20 2012, 08:40 pm EST
They were bought by a credit group that's not good no matter what way you look at it. The games better make money are its to the chopping block for them.
Vader [STAFF] Dec 21 2012, 10:39 am EST
The games are fine. So don't fret.
LostPcGamer Dec 21 2012, 05:42 pm EST
Well apparently the sale is not final.

Update: THQ has posted a reponse to the bankruptcy news, stating that the Clearlake deal isn't yet fully nailed down, as THQ is waiting to see if any other offers come in first.

"Our Chapter 11 process allows for other bidders to make competing offers for THQ," says Jason Rubin, President of THQ. "So while we are extremely excited about the Clearlake opportunity, we won’t be able to say that the deal is done for a month or so."

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