*THQ has filed for Chapter 11 bankruptcy
[ x ] remove ads and scale site to 1080p+
[ x ] remove the ads & get mobile premium
pay whatever you want to upgrade
 
 

THQ has filed for Chapter 11 bankruptcy

1:20 PM on 12.19.2012·  2 minute read   ·  Jordan Devore@DtoidJordan
0

It's the headline that seemed all too inevitable

THQ has entered into an Asset Purchase Agreement with stalking-horse bidder Clearlake Capital Group "to acquire substantially all of the assets of THQ's operating business, including THQ's four owned studios and games in development," it was announced today in a press release. The publisher has filed for Chapter 11 bankruptcy in Delaware.

Subject to Court approval, the company will continue day-to-day business operations as usual during the sale period. "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 chairman and CEO Brian Farrell. "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."

President Jason Rubin commented that "We have incredible, creative talent here at THQ. We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels."

With Clearlake starting the bidding process, THQ is asking the Court "for a schedule to complete the sale process in about 30 days. The publisher "does not intend to reduce its workforce as a result of the filing."

 
 

Enlighten an uninformed cougar: FacebookTwitterRedditEmail
 

#Developer stuff #Industry Bull #Money #THQ #Top Stories
 
 
 
[x] advertisement
 
 


Jordan DevoreManaging Editor, Co-EIC // Profile & Disclosures
Fronts10222Posts1Blogs 14Following162Followers283

Jordan is a founding member of Destructoid and poster of seemingly random pictures. They are anything but random. Disclosure: I backed Double Fine Adventure and Awesomenauts: Starstorm on Kickst... more
Trending on Destructoid:

 
 


Join the robot army! We're a family-owned site, updating multiple times a day (since 2006!) thanks to our Huge Members

User Avatar
King Calamity


Since 7:41 AM on 02.04.2016

Spell
Spell


Since 12:41 PM on 02.18.2016

Morty
Morty


Since 3:06 PM on 04.04.2009

SwimmingInOlives
SwimmingInOlives


Since 5:32 PM on 05.02.2009

 

Please login (or) make a quick account (free)
to view and post comments.





Three day old threads are only visible to verified humans - this helps our small community management team stay on top of spam

Sorry for the extra step!