THQ files for Chapter 11 bankruptcy

After months of canceling games, laying off workers and putting in a new president, THQ has announced that the game publisher has now filed for Chapter 11 bankruptcy protection. At the same time, the company says it has also enter into an agreement that could see its assets sold to a financial investment group

THQ's press release said that affiliates of Clearlake Capital Group have now become what's known as  a “stalking horse bidder" for THQ, with the purchase price of $60 million. However, the terms of the deal include a way for other companies to also bid for THQ if they choose to do so. The publisher says it wants to complete the sales period within 30 days.

THQ says that during this period, all of its offices and game development studios will continue to operate as normal, and that no layoffs are currently scheduled. THQ has quite a few games due out in 2013, including Company of Heroes 2, Metro: Last Light, a new Saints Row game, and South Park: The Stick of Truth.

THQ added, "The company remains confident in its existing pipeline of games. THQ maintains relationships with some of the top independent development studios around the globe. "

Source: THQ

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This is not good news at all Hopefully after filing Chapter 11 they can continue to produce quality titles without them being impacted by everything they need to do get sorted out.

Also I hope that they do get sorted long term and don't dissapear in a few years

The THQ Humble Bundle was great got some really good games that I had been thinking about getting anyway. I donated $50.00 witch was all I could really afford and still is a really good price for that many games. I am really enjoying Red Faction: Armageddon.

Shame... respect to them for participating in humble bundle and giving away some cheap bundles before going down... They have produced some of the best games I have played. #companyofheroes #darksiders #dawnofwar

I you have followed my previous posts you would notice that this is the first time I used it. I copied my twitter post and I forgot to remove them. jeez, talk about assuming... and calling people douches in an open forum makes you one as well...

I remember when THQ used to shell out as many games as Ubisoft, it's a shame as quite a lot of their games are of decent quality.

Good guy THQ.. knows they're going under, gives gamers multiple bottom-dollar bargains (Humble bundle, THQ pack on amazon, etc) before doing so.

You, and everyone who reads "bankruptcy," will automatically assume that it means they're liquidating everything and closing doors.

In fact it's quite the contrary. They're reorganising the business structure so they can pay their debtors and /continue/ to do business. Here's something to help you understand.