THQ officially files for bankruptcy

It's official now.

Posted By | On 19th, Dec. 2012

THQ officially files for bankruptcy

THQ has now announced, after a tumultuous few months, that it  has entered an Asset Purchase Agreement with a “stalking horse bidder” at Clearlake Capital Group. Clearlake will be acquiring all of THQ’s assets, including their four development studios and the games they have in development. This has been done under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware. This does not include Canada.

This deal allows other companies to come forward with their own competing bids . The deal has been set on $60 million with an addition $10 million in the interest of the company’s creditors. Clearlake has asked the court to to get the sale process completed within the next 30 days.

THQ’s operations will continue as per usual during this period of transition, meaning all studios will remain open and development on games will continue.

“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 Chairman and CEO of THQ, Brian Farrell.

THQ

“We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition,” he continued. “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 Jason Rubin, who became president of THQ in May last year. “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.”

As per customary Court approval, THQ will operate as always after the takeover, meaning that no one will be fired, people will work on their normal projects and everyone will receive their usual compensations.

THQ’s shares will be delisted from NASDAQ.

Stay tuned, we wil keep updating this news as more info comes our way.

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