THQ Files for Bankruptcy

[HanPL]

THQ has filed for bankruptcy. According to a statement released this morning, THQ has entered into an Asset Purchase Agreement with affiliates of investment firm 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.” THQ notes that the sale will allow it “to shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology.”

 

As part of the sale, THQ has filed for Chapter 11 bankruptcy in U.S. court. The company notes that it “will continue operating its business without interruption during the sale period” and that all studios will remain open with all development teams continuing to work.

 

Clearlake will serve as a “stalking horse bidder” for the sale process of THQ in a “section 363 sale process, which allows other interested parties to come forward with competing bids.”

 

THQ notes that it “remains confident in its existing pipeline of games” and is seeking court approval to assume the contracts of “some of the top independent development studios around the globe” with whom it maintains relationships.

 

“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. “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.”

 

“We have incredible, creative talent here at THQ,” added THQ president Jason Rubin. “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.”

 

THQ announced in late November that a financial sponsor would help it find financing alternatives, leading to the resignation of CFO Paul Pucino. The news came shortly aftet an earnings report released in November in which THQ said it was looking to raise additional capital, adding at the time that it “may need to defer and/or curtail currently planned expenditures, cancel projects currently in development, sell assets, and/or pursue additional funding or additional external sources of liquidity, which may not be available on financially attractive terms.”

 

 

http://uk.ign.com/articles/2012/12/19/thq-files-for-bankruptcy

[Ark of Truth]

Bad times.......

 

How the hell did they manage this one.

[HanPL]

I only hope EA won't buy THQ...

[DoctaSax]

I hope it doesn't mean the end of the studios THQ publishes - was looking forward to COH 2.

[squares]

I blame humans. And CoD players. Mostly humans, though.

[The DarkSlayer]

I hope they pull through. I'm really looking forward to Last Light.

[MonkeyShoulder]

I want saints row 4, I don't think i've had as much fun with a game as I did with SR:TT.

 

I've yet to find another game where one of the inbuilt options is to run around as zombie voiced, massively muscled guy whilst dressed as a hotdog beating the shit out of people with a bee gun.

 

Mind you the same can be said when you're a big boobed female in a corset, panties, thigh high boots and a 5' dildo bat hitting the shit outta cops.

 

The game is to insane I played it for 50 hours laughing and grinning the entire time, I rarely get that from games.

[gregathit]

I had hours worth of fun just firing the land shark gun. Don't know why I found it so freaking hilarious but I did. I finally stopped only because my face\jaw hurt from smiling\laughing.

[Guest Lady Luck]

lol why thq is bankrupt WWE bought 98% of their assets thats why , to be honest with you thq dont make that great games couple of them yea but nothing really interesting on their product anymore idk lol.

 

the one most noteable and really expensive that thq ever publish is company of heros thats the last year product that made computer seriously need higher requirement other wise u cant play that game, shark gun is fun too i played it alot and have the disc along with others that made by thq RIP thq .

[Phelps1247]

Now maybe we can get a decent wrestling game for once. =|

[Guest Lady Luck]

have u guys ever notice overall Thq Get their name on WWE. lol

[Vulgaris Magistralis]

My Warhammer....

[Guest Lady Luck]

lol please warhammer is a relic that game become super awesomeness to super retarded , i hate the changes they made what happend to table top series,warhammer isnt meant to be in 3rd person shooter it was meant to be RTS title although the first warhammer released wasnt published by THQ back then, it was first person shooter i have all 18 games warhammer made , the one most noteable is the rts title avoid 3rd person platform because that will mainly let down the series. overall warhammer deserve respect because even when i hate few of their game at least some of them remain classic and didn't really died on the time itself because even when its old the game graphically really awosome.

 

when i say FPS title the start that made warhammer really cool is when they first made space hulk . although i didn't know what to do with that game when it came out, ages ago.

[Vulgaris Magistralis]

I'm aware that Relic makes the 40k games, but THQ is the company that publishes them to the public. Not having played the tabletop (I want to, but the nearest Gamsework shop is hard to find in Perth, Australia, that and the models are damn expensive.) Having only played Space Marine and DoW 1&2 of the 40k game franchise, I can say the way that DoW2 was done was good as it worked with the campaign, as DoW1's campaign was basically the skirmish maps and putting a campaign to it.

 

It'll just suck if THQ does end up going under and Relic going to a publisher who doesn't care about their devs. Anyway I don't hope for the worst

[Guest Lady Luck]

I'm aware that Relic makes the 40k games' date=' but THQ is the company that publishes them to the public. Not having played the tabletop (I want to, but the nearest Gamsework shop is hard to find in Perth, Australia, that and the models are damn expensive.) Having only played Space Marine and DoW 1&2 of the 40k game franchise, I can say the way that DoW2 was done was good as it worked with the campaign, as DoW1's campaign was basically the skirmish maps and putting a campaign to it.

 

It'll just suck if THQ does end up going under and Relic going to a publisher who doesn't care about their devs. Anyway I don't hope for the worst

[/quote']

 

lol if thq went down relic isn't a publisher they are developers team , XD