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Thread: THQ Files For Bankruptcy!!!

  1. #1
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    Default THQ Files For Bankruptcy!!!

    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.”

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


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    Well that sucks, but at least we're still getting Company of Heroes 2.
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    Quote Originally Posted by ebevan91 View Post
    Well that sucks, but at least we're still getting Company of Heroes 2.
    This.

    As long as Last Light and CoH 2 come out on time, I could care less. Volition, 4A, and their other good studios will probably be bought by anyone with half a brain.

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    I guess that giant 'pay what you want' sale didn't help after all.

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    I'm pretty sure a lot of people saw this coming.
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    As everybody else has said, CoH 2 is still coming out. Let's just hope that doesn't turn out to be stupid.
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    I guess that Volition will have to find a new publisher for Saints Row 4. Given how THQ was unhappy with the crude content of the third game, though, that probably would have happened anyway.

    Quote Originally Posted by NintendoCoke View Post
    As everybody else has said, CoH 2 is still coming out. Problem is, they're probably gonna get bought out by Electronic Assholes or Actishit.
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    I can't name a single game THQ publishes outside of its Spongebob shovelware and that one South Park game.

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    Quote Originally Posted by ForeverFlame View Post
    I can't name a single game THQ publishes outside of its Spongebob shovelware and that one South Park game.
    Red Faction.
    Homefront.
    Saints Row.
    Metro.
    Company of Heroes.
    Warhammer 40k.
    Titan Quest.

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    Yes. Darksiders. Man, I thoroughly enjoyed the Darksiders games. But then again bankruptcy doesn't mean going out of business ...

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    Well, [potentially] there go my hopes of Darksiders III, a Red Faction revival, a Metro game after Last Light, and any more 40K video games.

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    No suprised there. It's bound to happen from the very beginning from 2-3 years.

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    Quote Originally Posted by Shneak View Post
    I guess that giant 'pay what you want' sale didn't help after all.
    That was for charity, I don't think it was intended to make them lot of money.

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    Quote Originally Posted by Zazie View Post
    That was for charity, I don't think it was intended to make them lot of money.
    To be honest, I don't think they would really have made any more money without it. I mean, most of those games had probably stagnated by then, barring Saints Row.

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    Watch, EA is going to buy all the studios that used to be at THQ and ruin every single one of them. They have a particularly annoying tendancy to piss people off at every given opportunity, so its most likely going to happen.



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    I saw this coming from a mile away, ever since they ****ed up on WWE 12 an now WWE 13, I knew that they would go under.


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    Quote Originally Posted by Billy Mays View Post
    Watch, EA is going to buy all the studios that used to be at THQ and ruin every single one of them. They have a particularly annoying tendancy to piss people off at every given opportunity, so its most likely going to happen.
    Yeah, I see something like this happening too. It's a shame, because I like the Saints Row games, way more than GTA.

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    Wonder who's gonna pick up the WWE games.

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    Quote Originally Posted by blackterminator3 View Post
    I saw this coming from a mile away, ever since they ****ed up on WWE 12 an now WWE 13, I knew that they would go under.
    But those had nothing to even remotely do with the bankruptcy at all?

    It was mostly the uDraw, Red Faction: Armageddon, and all the advertising money they spent on Homefront, IIRC.

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