PS3 News: THQ Files Chapter 11, But Is Optimistic About The Future - PS3 News

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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...

Tags: thq, thq bankruptcy, gaming industry, thq games

12/19/2012 11:10:51 PM Ben Dutka

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Comments (7 posts)

WorldEndsWithMe
Wednesday, December 19, 2012 @ 11:33:48 PM
Reply

I hope somebody with lots of cash and a vision for a gaming company picks up those assets. But you can tell they are really trying to spin this and sugarcoat it.

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Killa Tequilla
Thursday, December 20, 2012 @ 4:13:07 AM

Activision

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WorldEndsWithMe
Thursday, December 20, 2012 @ 1:27:28 PM

I said a vision, not a repetitive slide show.

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Geobaldi
Wednesday, December 19, 2012 @ 11:45:38 PM
Reply

Sad to see. Even though they made over $5 million in little over a week in PC sales last week, it still wasn't enough to stop this from happening. Hopefully they'll be able to turn it around next year.

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___________
Thursday, December 20, 2012 @ 2:49:45 AM
Reply

NOOOOOOOOOOOOOOOO NOT MY BELOVED THQ!!!!!!!!!!!!!!
sigh, figures the ONE publisher out there that puts out nothing but kick a$$ games is the one who goes belly up!
i mean seriously the WORST game THQ released this gen, besides the WWE crap, was homefront and that was hardly naughty bear!
no other publisher has the brilliant track record that THQ has, hell even 2K have put out a few stinkers!
just goes to show how unfair this industry is.
CTRL + C, CTRL + V = richest company in the industry.
creating innovative, unique cool new ideas = bankruptcy.
sigh.
if this means we will never see darksiders 3 im going to be PISSED!
in fact i think its time to call the 3 horsemen and rectify this injustice!

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Snaaaake
Thursday, December 20, 2012 @ 3:22:57 AM
Reply

Homefront 2 seems so far away now.

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WorldEndsWithMe
Thursday, December 20, 2012 @ 1:27:37 PM

Me want Homefront 2

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