THQ Files Chapter 11, But Is Optimistic About The Future
You never like to hear things like this, but don't forget that Activision filed for bankruptcy at one time, too.
THQ has announced that the company has filed for Chapter 11 bankruptcy, and they've entered into an asset purchase agreement with an unnamed bidder. Just about all THQ's operating business assets are on the auction block.
A company statement said this sale would allow THQ to "shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology." The good news is that the publisher's daily operations won't be affected, as every THQ studio remains open and development on all projects moves forward unfettered. Employees will stay on and work their regular schedules at previously agreed upon compensation and benefits. That's a substantial silver lining, yes?
Said THQ CEO Brian Farrell:
"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. 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."
The estimated value of THQ's assets are about $60 million, and the company expects to complete the sale process within 30 days. Hopefully, future Saints Row and Darksiders entries will be just as great as we all expect them to be...
12/19/2012 11:10:51 PM Ben Dutka