THQ Files for Bankruptcy, Clearlake Capital Offers to Acquire Assets

<p><a class&equals;"zem&lowbar;slink" title&equals;"THQ" href&equals;"http&colon;&sol;&sol;www&period;playthq&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"homepage">THQ<&sol;a>&comma; publisher of <em><a class&equals;"zem&lowbar;slink" title&equals;"Darksiders" href&equals;"http&colon;&sol;&sol;en&period;wikipedia&period;org&sol;wiki&sol;Darksiders" target&equals;"&lowbar;blank" rel&equals;"wikipedia">Darksiders<&sol;a>&comma; <a class&equals;"zem&lowbar;slink" title&equals;"Saints Row" href&equals;"http&colon;&sol;&sol;www&period;saintsrow&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"homepage">Saints Row<&sol;a><&sol;em> and <em><a class&equals;"zem&lowbar;slink" title&equals;"Company of Heroes" href&equals;"http&colon;&sol;&sol;www&period;companyofheroesgame&period;com&sol;" target&equals;"&lowbar;blank" rel&equals;"homepage">Company of Heroes<&sol;a><&sol;em>&comma; has filed for Chapter 11 bankruptcy and has entered an Asset Purchase Agreement with Clearlake Capital Group&comma; L&period;P&period;&comma; who will come into possession of the publisher&&num;8217&semi;s assets&semi; which includes four game studios and all games currently in development&period; THQ will continue their business operations&comma; as all studios and games in development are set to carry on as usual&comma; during the sales period&period;<&sol;p>&NewLine;<p><em>&OpenCurlyDoubleQuote;The sale and filing are necessary next steps to complete THQ’s transformation and position the company for the future&comma; as we remain confident in our existing pipeline of games&comma; the strength of our studios and THQ’s deep bench of talent&comma;” said <a class&equals;"zem&lowbar;slink" title&equals;"Brian Farrell" href&equals;"http&colon;&sol;&sol;en&period;wikipedia&period;org&sol;wiki&sol;Brian&lowbar;Farrell" target&equals;"&lowbar;blank" rel&equals;"wikipedia">Brian Farrell<&sol;a>&comma; Chairman and CEO of THQ&period; &OpenCurlyDoubleQuote;We are grateful to our outstanding team of employees&comma; partners and suppliers who have worked with us through this transition&period; We are pleased to have attracted a strong financial partner for our business&comma; and we hope to complete the sale swiftly to make the process as seamless as possible&period;”<&sol;em><&sol;p>&NewLine;<p><a class&equals;"zem&lowbar;slink" title&equals;"Jason Rubin" href&equals;"http&colon;&sol;&sol;www&period;jasonrubin&period;com" target&equals;"&lowbar;blank" rel&equals;"homepage">Jason Rubin<&sol;a>&comma; current President of THQ&comma; later commented on future partnerships&comma; as well as a new start&comma; as the company aims to create new&comma; high quality games and new franchises&colon;<&sol;p>&NewLine;<p><em>&OpenCurlyDoubleQuote;We have incredible&comma; creative talent here at THQ&period; 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&comma; create new franchise titles&comma; and drive demand through both traditional and digital channels&period;” <&sol;em><&sol;p>&NewLine;<p>THQ is hoping to complete the sale process in 30 days&comma; and they expect to see themselves delisted from NASDAQ is nine days time&period; Clearlake Capital has put a total purchase price of THQ&&num;8217&semi;s assets at about &dollar;60 million&comma; including a &dollar;10 million note for the company&&num;8217&semi;s creditors&period;<&sol;p>&NewLine;<p>&lbrace;Source &&num;8211&semi; <a href&equals;"http&colon;&sol;&sol;investor&period;thq&period;com&sol;phoenix&period;zhtml&quest;c&equals;96376&amp&semi;p&equals;irol-newsArticle&amp&semi;ID&equals;1768687&amp&semi;highlight">THQ<&sol;a>&rcub;<&sol;p>&NewLine;<div class&equals;"zemanta-pixie" style&equals;"margin-top&colon; 10px&semi; height&colon; 15px&semi;"><img class&equals;"zemanta-pixie-img" style&equals;"border&colon; none&semi; float&colon; right&semi;" alt&equals;"" src&equals;"http&colon;&sol;&sol;img&period;zemanta&period;com&sol;pixy&period;gif&quest;x-id&equals;20770436-4ab3-43cc-ba4d-7cb4b173deac" &sol;><&sol;div>&NewLine;