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THQ files for bankruptcy, sells all assets


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From Digital Spy:

 

THQ files for bankruptcy, sells assets to unnamed bidder

 

THQ has announced that it has filed for chapter 11 bankruptcy in order to sell all company assets.

 

The company entered an agreement with an unnamed buyer through Clearlake Capital Group to purchase THQ and all company assets today (Wednesday, December 19). Those assets include all games currently in development and the company's four owned development studios Vigil, Relic, Volition and THQ Montreal.

 

Clearlake is facilitating the sale, with a current bidder price of approximately $60 million for purchase of the company including $10 million for benefit of the company's creditors. Other bidders will be permitted to come forward with offers as well during the sale process, with THQ requesting in bankruptcy court for the sale to conclude within 30 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 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."

 

THQ says that there will be no reduction in staff at any of its studios during the sale, and that there will be no change in any of its currently in development titles.

 

Company of Heroes 2, Metro: Last Light and South Park: The Stick of Truth are all still scheduled to release in early 2013 as previously planned. Company of Heroes 2 will be available on PC also in March 2013.

 

South Park: The Stick of Truth does not have a final release date, but is expected to launch for Xbox 360, PlayStation 3 and PC sometime between April and June 2013.

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Guest Anime Otaku
If EA did take the WWE licence I hope they move to putting one out every few years like Fight Night rather than a yearly one or if they are stuck with a yearly release do a COD style "Brand Split" with one year being like WWE 13 and the other being more cartoonish. I also hope Saint's Row 4 finds a good home, Rockstar putting out alternating Saint's Row and GTA would be good.
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Guest John Hancock
Unfortunately, I think there's probably too much money in yearly WWEs due to the constantly changing roster, pay-per-view schedule, logos, and sets which mean WWE games because really outdated really quickly compared to boxing games or even MMA games. I mean, look at WWE '13 and how out of date that game already is, and it's barely been out two months.
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Unfortunately, I think there's probably too much money in yearly WWEs due to the constantly changing roster, pay-per-view schedule, logos, and sets which mean WWE games because really outdated really quickly compared to boxing games or even MMA games. I mean, look at WWE '13 and how out of date that game already is, and it's barely been out two months.

 

Yeah, this. The only way a WWE game would work if it didn't come out every year would be for you to have to shell out a buttload on DLC every other month. Even more so than they do now.

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This is from the Wrestling-Online Newsletter:

 

THQ FILES FOR BANKRUPTCY, WWE OWED $45 MILLION

 

- WWE's video game publisher, THQ Inc., has filed for bankruptcy protection and Clearlake Capital Group secured an asset purchase agreement to finance the company. THQ will continue operating its business without interruption during the sale period, subject to Court approval of THQ's first-day motions. All of the company's studios remain open, and all development teams continue. WWE issued a small statement saying that they are following the developments of THQ's bankruptcy filing and proposed sale. In the bankruptcy filing, THQ listed that they owe WWE around $45 million as an unsecured creditor. THQ has held the license of WWE for video games for around a decade and the WWE games have been some of the best selling for the company. At one point they also held the UFC license which recently was sold to their competitors Electronic Arts.

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