[ALL] THQ Files for Bankruptcy

[padman59]

THQ has filed for Chapter 11 bankruptcy and has entered into an asset purchase agreement with Clearlake Capital Group, a private equity firm. Clearlake is "to acquire substantially all of the assets of THQ's operating business, including THQ's four owned studios and games in development." THQ's stock on the Nasdaq exchange has been halted, with the company expecting to be delisted within nine calendar days.

"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 THQ CEO Brian Farrell.

THQ hopes to have the sales process completed in 30 days. No layoffs are planned or announced at this time, with employees to be paid normally and work normal schedules.

THQ announced in early November that is was seeking "strategic alternatives" to its dire financial situation. Clearlake has agreed to serve as the "stalking horse bidder," a fancy term for an interested buyer chosen by the company, but there could be other interested buyers.

http://www.joystiq.com/2012/12/19/thq-bankruptcy-sale/

Upcoming THQ games:

• Metro: Last Light
• Company of Heroes 2
• Saints Row 4
• South Park: The Stick of Truth
• Warhammer 40k: Dark Millenium

[killgod]

Saint's Row

[wr50l]

Saint's Row

Says the prick who didn't complete it.

[killgod]

Says the prick who didn't complete it.

I bought it to CO-OP with YOU and YOU fucking abandoned me.

Fuck YOU.

[wr50l]

I bought it to CO-OP with YOU and YOU fucking abandoned me.

Fuck YOU.

No I was happy to play it again; you fucking sold it for FIFA or some other steaming pile of shite. Trust me, we've discovered over the years that your memory is worse than mine.

[killgod]

No I was happy to play it again; you fucking sold it for FIFA or some other steaming pile of shite. Trust me, we've discovered over the years that your memory is worse than mine.

Don't blame you selling out on me on my shady memory. Total cop out. You're a fenian whore.

[Swarley]

I will cry if we don't see Saints Row 4.

[ryne candy]

I'm sure they will sell them off to get some $ back that is owed.

[krulmichael]

Still looking forward to that South Park game as well.

[JayDizzle]

Called it when I brought up THQ as one of the worst companies of the year.

Somebody's buying up SR4, South Park and the WWE license because they print money by name only.

I hope Metro finds a home (EA probably or Microsoft can shill the money to make it an exclusive) and Company of Heroes too for that niche market.

Otherwise, this is another sad tale of greed killing a business where either you get COD numbers every year or you're toast.

[Swarley]

Called it when I brought up THQ as one of the worst companies of the year.

Somebody's buying up SR4, South Park and the WWE license because they print money by name only.

I hope Metro finds a home (EA probably or Microsoft can shill the money to make it an exclusive) and Company of Heroes too for that niche market.

Otherwise, this is another sad tale of greed killing a business where either you get COD numbers every year or you're toast.

I could see EA buying the Metro franchise.

[JayDizzle]

I could see EA buying the Metro franchise.

Get some of that Fallout/Bioshock money most studios would kill for.

[MrBill]

I think the last blow was when South Park got delayed until 1Q13. The early buzz for that game was strong and had they launched it on time and it sold well, THQ would have been far more likely to get additional time from their creditors. Will be interesting to see how their game titles get parceled off for other companies to purchase.

[leaffan]

Well that makes the humble bundle they had going last week make sense now.

Company of Heroes 2 I hope gets picked up by some other company.

[padman59]

Called it when I brought up THQ as one of the worst companies of the year.

Somebody's buying up SR4, South Park and the WWE license because they print money by name only.

I hope Metro finds a home (EA probably or Microsoft can shill the money to make it an exclusive) and Company of Heroes too for that niche market.

Otherwise, this is another sad tale of greed killing a business where either you get COD numbers every year or you're toast.

THQ's downfall had much more to do with investing so much into the uDraw than not getting CoD sales figures. Their core games had good followings, but they made a horrible bet trying to push that piece of hardware on the PS3 and 360 markets.

Also, I'd hate to see Metro skip the PS3 again if Microsoft were to buy it.