THQ Files for Bankruptcy

[Mael Duin]

http://www.ign.com/articles/2012/12/...for-bankruptcy

B-but my Darksiders, my Saints Row, my Company of Heroes, my Warhammer 40k games, my South Park: Stick of Truth, my Metro, my Relic, my Volition, my Obsidian... ;_;

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.”

[BoyBettaKnow]

That's a damn shame. It's sad to see any gaming company be hit by hard times. THQ release a few good games too. SR3 was a very good game.

Lets hope someone can bail them out

[daLa]

Not one of my favorites, but definitely saddens me a little that the video game industry seems to be slowly dying.

[Mael Duin]

That's a damn shame. It's sad to see any gaming company be hit by hard times. THQ release a few good games too. SR3 was a very good game.

Lets hope someone can bail them out

I'm seriously hoping so freaking much that someone good pics up Relic AND Warhammer 40k license and that someone will publish South Park: Stick of Truth.

Oh yeah, and Metro: Last Light too...

[DeviousOne]

Wow I saw this coming..... I hope they get their pending games out i want my southpark RPG!!!

[Blacksite]

It doesn't say they ceased development on their projects. But how long is the sales period supposed to last?

[DeviousOne]

in regards to what games come out thats going to be pending the terms of closing of the final sale... if it takes over a year close then we can see all the titles if sooner then who knows

[claud3]

The sale will last for at least most of next year and then during that period, the reconstruction of the company will begin

Lay offs, assets sells, studio sells, share sells and the losing of the amount of games produced...

Or they could be completely bought by others

[AaronSOLDIER]

I won't miss them tbh, not interested in any of their games.

[claud3]

Metro last light is the one I am going to miss if its dropped

[LfCpS3]

SR2 was good, SR3 sucked and the way they did the DLC was horrible for that.

Last light is something i really hope will not be affected and hope it saves them.

[DarkVincent07]

I wish them the best of luck and hope that they can power through it. I love THQ and support a lot of their games. Hopefully this will let them restructure and maybe release less projects, with an overall higher quality.

Its rumoured they are working on Homefront II... yeah... scrap that guys

[claud3]

SR2 was good, SR3 sucked and the way they did the DLC was horrible for that.

Last light is something i really hope will not be affected and hope it saves them.

SR 4 was still in production before this happened, so what going to happen there

[DarkVincent07]

If another existing games company ends up buying them out

to acquire substantially all of the assets of THQ’s operating business, including THQ’s four owned studios and games in development.

Please don't be EA or Activision...

[Mael Duin]

If another existing games company ends up buying them out

Please don't be EA or Activision...

EA buying Relic and ruining it... Poor Westwood. ;_;

[Fijiandoce]

Sales. if im not mistaken, sales of software this year have been down, down, down.

the games industry would make quite the economics paper

regardless, its quite a shame really. hope those games still in development get released. eagerly awaiting Company of heroes.

[admartian]

Let's hope it doesn't affect the development of their games. In any case, hopefully some company saves them.

Nintendo?

[aayman_farzand]

They got their finance, we should see the games.

http://finance.yahoo.com/news/thq-in...185300188.html

[Blacksite]

I was going to comment on Saints Row 4 but, with GTA V coming out next year, I really don't have any interest left in the series. Metro: Last Light looks like it'll be THQ's most impressive game.

[djpenny]

i want my south park game goddammit

[Nitey]

This sucks. Hopefully they can move quickly and their games remain on schedule

[claud3]

Same GTA v all the way... would still get SR4 if it come outs

[DeviousOne]

No way nintendo buys thq... They are B at best in terms of quality I've been play their games for years its not 1997 anymore

[Fenix]

I cant see a first party company buying THQ, there games dont sell that well for that to be worth it I'd imagine.

[claud3]

Mate they might for the catalogue