THQ has filed for Bankruptcy the company has announced.
They are the makers of games like Saints Row 3, WWE, and much more, and they have entered into an agreement with a “stalking horse bidder” at Clearlake Capital Group. You cannot simply buy the studio and the IP, since the latter belongs to the company, so you have to buyout the entire company, and the first bid is valued at $60 million
It has been filed under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware, and does not include Canada.
“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.
The company will still operate as normal and until the new owner decides to restructure or do massive changes, we could still see some positive developments.
“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.”
They will also be delisted from the NASDAQ in 9 days. This news is developing, so we will keep you updated.