THQ to be Sold for $60M, Files for Chapter 11 Bankruptcy - NewsWilliam D'Angelo, posted on 19 December 2012 / 8,216 Views
THQ has announced that it has been to Clearlake Capital Group for $60 million. Clearlake now owns all of THQ's assets, including its four studios and all games that are in development. In order for the sale to take place THQ has filed for Chapter 11 Bankruptcy in the US. THQ's foreign operations are not included in the filing.
"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."
"We have incredible, creative talent here at THQ," said 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."
Clearlake is a "stalking horse bidder" which gives other parties a chance to provide a higher big. The company is asking the Court for 30 days to complete the sale process. THQ stock will be delisted within nine days of filing for Chapter 11 Bankruptcy.