THQ has Filed for Bankruptcy, but isn't Totally Dead yet

12/20/12 12:02pm

tl;dr

THQ. Chapter 11 Bankruptcy. Still Alive.

Some of you may now that THQ hasn't been doing amazing lately. As of yesterday, they have filed for Chapter 11 bankruptcy. A statement was then released this morning, saying that THQ has entered into an Asset Purchase Agreement with Clearlake Capital Group's (an investment firm) affiliates.

However, the company had this to say:

“ We 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. THQ also notes that “the company’s foreign operations, including Canada, are not included in the filings.”

THQ will be going through a Section 363 sale process, which lets other interested parties come forward with competing bids.

Thankfully, all its existing in-development games, like Company of Heroes 2, Metro: Last Light, and South Park: The Stick of Truth are all reportedly on schedule during the sale process. Also (thankfully), remember that bankruptcy does not always mean "going out of business". THQ is still alive, but it will be going through changes.

The CEO of THQ, Brian Farrell, reassured us that the company is not dead with this:

“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. 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. 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.”

So now that we know that THQ isn't going out of business, what was your favorite game or moment from THQ? What was your least favorite game? Post your opinions in the comments below.

» Source: http://www.ign.com/articles/2012/12/19/thq-files-for-bankruptcy
» Tagged In: #bankruptcy, #community showcase, #not dead, #thq