THQ, publisher of Darksiders, Saints Row and Company of Heroes, has filed for Chapter 11 bankruptcy and has entered an Asset Purchase Agreement with Clearlake Capital Group, L.P., who will come into possession of the publisher’s assets; which includes four game studios and all games currently in development. THQ will continue their business operations, as all studios and games in development are set to carry on as usual, during the sales period.
“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 Brian Farrell, Chairman and CEO of THQ. “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.”
Jason Rubin, current President of THQ, later commented on future partnerships, as well as a new start, as the company aims to create new, high quality games and new franchises:
“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.”
THQ is hoping to complete the sale process in 30 days, and they expect to see themselves delisted from NASDAQ is nine days time. Clearlake Capital has put a total purchase price of THQ’s assets at about $60 million, including a $10 million note for the company’s creditors.
{Source – THQ}
