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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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Video games should be: