THQ Selling Assets, Files for Chapter 11 Bankruptcy
Posted by Sammy Barker
The writing’s been on the wall for a while, but publisher THQ has filed for Chapter 11 bankruptcy today. The company’s currently in the process of selling all of its assets to Clearlake Capital Group, a private equity firm. Once complete, Clearlake will control “THQ's operating business, including THQ's four owned studios and games in development”.
"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," explained THQ's CEO Brian Farrell in a press release.
"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."
The company expects the sale to be finalised within the next 30 days. In the meantime, it will continue to operate as normal, with no redundancies planned. The firm emphasised that the bankruptcy procedure will not have an impact on any of its in-development titles.