In a statement yesterday, THQ Inc. announced it had filed bankruptcy as part of its sale to the equity firm Clearlake Capital Group. The announcement has stated that the company will run as normal while THQ Inc. finds a new owner.
From thq.com/uk/: “THQ announced that it has secured an investor, a private equity firm named Clearlake Capital Group, who is interested in purchasing most of what you think makes up THQ: the teams that make the games (Relic, THQ Montreal, Vigil and Volition), THQ’s Intellectual Property (titles, source code, etc.), THQ’s contracts (like the ones with Crytek, South Park Digital Studios, 4A games, Obsidian, and Turtle Rock) and the support staff that are required to help the teams succeed.”
The statement says: “THQ will continue operating its business without interruption during the sale period, all of the company’s studios remain open, and all development teams continue. Consumers and retailers should see no changes while the company completes a sale. The new financing will support business operations throughout the period. THQ does not intend to reduce its workforce as a result of the filing.”
THQ Inc. filed for chapter 11 bankruptcy of the Bankruptcy Code which allows THQ Inc. to reorganise its affairs.
“Clearlake is even providing the company the money it needs to keep working on the products as the process plays itself out. And importantly, when the purchase is complete, Clearlake has committed to invest additional ample capital to let us finish the games we are making and continue making games going forward.”
The following games should hopefully remain unaffected: Metro: Last Light, Saints Row 4, Company of Heroes 2 and South Park: The Stick of Truth.
THQ Inc should be fine like most of the other companies that file for bankruptcy. The outcome of bankruptcy isn’t the same as most people imaging it to be.
My other THQ Inc. posts: