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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