More Reviews
REVIEWS FINAL FANTASY XIV: Heavensward Review
Final Fantasy XIV's first expansion has arrived, and it delivers a new adventure with plenty of dragons to battle.

Fallout Shelter Review
Bethesda's strategic vault simulator is fun and nostalgic, but will the publisher get fallout for the micro-transaction advantage?
More Previews
PREVIEWS Etrian Odyssey 2 Untold: The Faf Preview
Etrian Odyssey 2 Untold: The Fafnir Knight has a long name, but don't make fun of it. It can kick your ass.
Release Dates
NEW RELEASES BlazBlue: Chrono Phantasma EXTEND
Release date: Out Now

Lost Dimension
Release date: 07/28/15


LEADERBOARD
Read More Member Blogs
FEATURED VOXPOP whytenoiz ~~        When I was eleven years old, it was a very good year, and I can remember my daily routine vividly. These were the years before I owned a Sony Playstation, and I used to venture to my friends house - everyday after school - to watch him play through Final...

GAMING NEWS

THQ Files Chapter 11 Bankruptcy

Posted on Wednesday, December 19 @ 11:42:56 Eastern by Keri_Honea


THQ announced today that they have entered into an Asset Purchase Agreement with affiliates of Clearlake Capital Group, LP to acquire virtually all of THQ's assets of its operating business, including THQ's four development studios (Relic, Volition, Blue Tongue Entertainment, and Juice Games) and games in development. With this acquisition, THQ can "shed" specific legacy obiligations and rise anew with strong financial backing.

As a result of this agreement, THQ has filed for Chapter 11 bankruptcy, which essentially calls for a restructuring of a business, not closing the business down. The bankruptcy includes THQ's US businesses, but none of its foreign operations, including its businesses in Canada.

What does this mean for THQ's daily operations? THQ plans to continue running as scheduled with no interruptions during this transition. All of the company's game studios will stay open, and all teams are to continue working on their games. THQ even hopes that their contracts with independent studios will continue as Clearlake plans to assume these contracts as well.

“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,the rather recent president of THQ, said, “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 sounds very optimistic in their press release, and their plan appears to be positive and the right way to go. Hopefully it will work out for everyone involved, including all of THQ's and their studios' employees.
Tags:   THQ
FOLLOW ME ON TWITTER. YOU KNOW YOU WANT TO.


More from the Game Revolution Network




comments powered by Disqus

More On GameRevolution