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THQ to be Sold for $60M, Files for Chapter 11 Bankruptcy - News

by William D'Angelo , posted on 19 December 2012 / 9,152 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.

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MARCUSDJACKSON (on 19 December 2012)

for as big as this gen. has been. it's the worst since the crash in the early 90's

  • +3
BlkPaladin MARCUSDJACKSON (on 19 December 2012)

The market's push for more power, higher detailed graphics and "bigger" sandbox games are creating bloated budgets, which sadly is causing the demise of some developers with interesting ideas whose games don't make the cut.

  • +2
Tizona (on 19 December 2012)

Is this because we aren't buying as many games or because production cost for so called AAA titles has just ballooned way too quickly. Can company's scale back costs and still make games that will sell or are we as gamers pushing so hard for the next big thing, we eventually push em off the cliff?

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Ganoncrotch Tizona (on 20 December 2012)

this is because of about 3 years of really bad choices from the higher ups in THQ.

  • +1
llewdebkram (on 19 December 2012)

So what are the first 10 chapters of bankruptcy?

  • +2
BlkPaladin llewdebkram (on 19 December 2012)

There are several forms of bankruptcy, my parents had to through chapter 128(debt restructuring) I think, not to sure but they are named by which chapter in the bankruptcy code they start, and the chapters between are just laying out each type more in depth. (But since I'm not a bankruptcy laywer I wouldn't know.) There is at least chapter 7, 11, 14 and 128 to my knowledge.

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Ganoncrotch llewdebkram (on 19 December 2012)

Chapter 1.
Invest a billion or so in a coloring book for consoles and try and sell it at 90euros
Chapter 2.
WWE engine needs some serious updating to not just look like a scaled up ps2 game... what to do... I know! slap the number 13 at the end that'll fool them.
Chapter 3.
Red faction... there's a good series, lets not expand on that at all, just keep it for a rainy day.
Chapter 4.
Sponge bob square pants Kinect edition, now we're talking! Muchos investage.
Chapter 5.
Celebration party for first sale of U draw tablet, held at Trump towers all guests offered 1 million each for showing faces, open to the general public... estimated cost here at about 3 million.
Chapter 6.
Homefront starting to look like a decent new IP.... lets push it to go up against cod and black OPs, that can only end well!
Chapter 7.
susan.... can you send in Carl to my office please, I need help with my toilet it's gotten clogged up from flushing this money down it.
Chapter 8.
Spongebob....... Squigglepants. (not even joking)
Chapter 9.
Hey you know our UFC francise.... I mean that's doing okie but how about a new idea! Only for kinect, fuck yeah that'll rake in the cash with this horrifyingly violent fighter, every parent will want their 2 kids in a sitting room mock killing each other in the air....
Chapter 10.
hows about those sales of Udraws pictionary game? that sold anything yet? I mean it's 50euros software for a 90euros piece of hardware which gives a version of a game you can buy for about 10euros for the board game of WHICH DOESN'T FEATURE THE ANSWER FOR WHAT YOU ARE MEANT TO DRAW ON THE SCREEN INFRONT OF EVERYONE PLAYING WITH YOUALKSJDKFJADLSKFJ OMFG
Chapter 11.
well..... fuck.

  • +5
Devil_Survivor llewdebkram (on 19 December 2012)

LMAO OMG I couldnt stop laughing at the 11 chapters of THQ comment.

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Ganoncrotch llewdebkram (on 20 December 2012)

Glad you enjoyed :) I'll seriously miss the old Toy:HeadQuarters of the 90s but the current gen THQ.... terrible.

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DareDareCaro (on 20 December 2012)

Again, a big bunch of normal shareholders is getting screw...

  • +1
johnsobas (on 26 December 2012)

sadly i know there were people on this site holding this stock. They're probably gonna lose almost all of their money.

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thetonestarr (on 20 December 2012)

Anybody that's paid attention to the Humble Bundles has seen this coming for at least a few weeks. Ah well, I just got most of the awesome things from THQ for the past eight years or so on Steam for $10.

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thewastedyouth (on 20 December 2012)

DAMN!!!! I remember playing Red Faction on the PS2

my first game!!

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Ganoncrotch thewastedyouth (on 20 December 2012)

Geo Mode technology, remember digging underground with the rocketlauncher in multiplayer and making a Den to hide in :D

  • 0
kmcroc (on 19 December 2012)

Come on Phil Spencer 60 million is not a bad start price for quality IPS.

  • 0