THQ files for bankruptcy
THQ, the publisher behind the WWE, Saints Row and Company Of Heroes gaming franchises, is selling its assets and filing for bankruptcy protection
Just when we thought THQ’s financial woes were a thing of the past, this happens. The gaming publisher is to sell all the games it has in development to a private investment firm and file for bankruptcy protection to help the sale.
THQ has agreed a deal with Clearlake Capital Group, that will see the games publisher sell its “four owned studios and games in development” to the investment firm for a sum of $60m.
THQ released an official statement which said:
"All of the company's studios remain open, and all development teams continue.”
"The company remains confident in its existing pipeline of games. THQ maintains relationships with some of the top independent development studios around the globe. As part of the sale, the company is seeking approval to assume the contracts of these studios, and Clearlake will assume these contracts."
THQ president Jason Rubin also released a statement praising the staff at the publisher, which sounded generally optimistic, considering the news concerning the company.
"We have incredible, creative talent here at THQ,” said 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 has been under the cosh for some time now. Last month it was given an 8 week grace period by lender Wells Fargo, after it defaulted on repayment from a $50m loan.