In late December, THQ announced it was entering into Chapter 11 bankruptcy, while also announcing that affiliates of Clearlake Capital Group had become what's known as a “stalking horse bidder" for THQ, with the purchase price of $60 million. The deal allowed other companies to bid on THQ if they wanted. Now there's word that Clearlake's plan to sell all of THQ's assets to one company won't happen, which may spell the doom of THQ as we know it.
Distress Debt Investing reports that Clearlake Capital will now be taking bids from companies who can choose to purchase individual THQ assets, such as games, game development studios and more. If this happens, it's likely that THQ will be divided up into several pieces. That means THQ as a game publisher is almost certainly dead.
Bids for the auction will be due on January 22nd, and the auction itself will be held later that day. Publishers such as Warner Bros. Interactive and Ubisoft are said to be interested in acquiring parts of THQ.
Before the bankruptcy announcement, THQ had a number of games set for release in 2013, including Company of Heroes 2, Metro: Last Light, Homefront 2, an unnamed game from developer Turtle Rock Studios, a new Saints Row game, and South Park: The Stick of Truth. Even if these games are acquired by another publisher, it's possible they may get delayed.
Source: Distress Debt Investing | Image via THQ