THQ files for bankruptcy

[Postman Dave]

THQ has filed for bankruptcy. According to a statement released this morning, THQ has entered into an Asset Purchase Agreement with affiliates of investment firm Clearlake Capital Group “to acquire substantially all of the assets of THQ’s operating business, including THQ’s four owned studios and games in development.†THQ notes that the sale will allow it “to shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology.â€

As part of the sale, THQ has filed for Chapter 11 bankruptcy in U.S. court. The company notes that it “will continue operating its business without interruption during the sale period†and that all studios will remain open with all development teams continuing to work. THQ also notes that “the company’s foreign operations, including Canada, are not included in the filings.â€

Clearlake will serve as a “stalking horse bidder†for the sale process of THQ in a “section 363 sale process, which allows other interested parties to come forward with competing bids.â€

THQ notes that it “remains confident in its existing pipeline of games†and is seeking court approval to assume the contracts of “some of the top independent development studios around the globe†with whom it maintains relationships. THQ president Jason Rubin added on Twitter that Company of Heroes 2, Metro: Last Light and South Park: The Stick of Truth are “still on schedule.â€

“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 THQ CEO Brian Farrell. “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.â€

“We have incredible, creative talent here at THQ,†Rubin added. “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.â€

THQ announced in late November that a financial sponsor would help it find financing alternatives, leading to the resignation of CFO Paul Pucino. The news came shortly after an earnings report released in November in which THQ said it was looking to raise additional capital, adding at the time that it “may need to defer and/or curtail currently planned expenditures, cancel projects currently in development, sell assets, and/or pursue additional funding or additional external sources of liquidity, which may not be available on financially attractive terms.â€

IGN

THQ of course more known by most as the folks publishing the WWE games. Don't be surprised if WWE 14 is a very different game next year.

 

[-CM-]

WOW Big news for the WWE games, I know that EA snapped up the UFC games from THQ, wonder if they'll do the same with WWE

 

[Lover Boy]

I don't think it will really change that much considering that THQ is only the publisher of the games. Yukes are the developers of the game and I don't think they will have any trouble finding a publisher.

 

[Postman Dave]

I don't think it will really change that much considering that THQ is only the publisher of the games. Yukes are the developers of the game and I don't think they will have any trouble finding a publisher.

yeah, but different publishers will promote the game differently, may want more input on the game. It's not as simple as "leave them to it".

 

[Lover Boy]

I think that THQ should just admit defeat and let EA, 2K Sports or someone else take over the franchise.

I'd love to see 2K sports make the game, The NBA franchise is magnificent.

 

[Petty]

Wow. While the 2K games were nice I don't think they would have good input on an WWE game.

 

[Lover Boy]

Wow. While the 2K games were nice I don't think they would have good input on an WWE game.

Any reason you think that? I personally think a WWE Game under 2K Sports guidance would be fantastic.

 

[Castiel]

This makes me excited for the next WWE game honestly. Major changes could be on the horizon! THQ was a pretty good company though, sorry to hear this news for them.

 

[Petty]

Any reason you think that? I personally think a WWE Game under 2K Sports guidance would be fantastic.

Well lets see. They have experience in Sports Games mainly. And the fact that THE only reason NBA 2K13 was even released because Jay Z was producer and put his money behind it. So my reason beyond that is they have no experience behind wrestling games and I'd prefer it remain with people who have passion and knowledge of the genre. With that being said, the ONLY upside to 2K is a fresh spin on the WWE franchise but thats a very big MAYBE.

 

[Lover Boy]

Well lets see. They have experience in Sports Games mainly. And the fact that THE only reason NBA 2K13 was even released because Jay Z was producer and put his money behind it. So my reason beyond that is they have no experience behind wrestling games and I'd prefer it remain with people who have passion and knowledge of the genre. With that being said, the ONLY upside to 2K is a fresh spin on the WWE franchise but thats a very big MAYBE.

NBA 2K13 would have been released without Jay-Z's money. Jay-Z was brought in to focus on the entertainment elements away from the ball. Such as the crowd reactions, game menus and the music.

 

[Petty]

NBA 2K13 would have been released without Jay-Z's money. Jay-Z was brought in to focus on the entertainment elements away from the ball. Such as the crowd reactions, game menus and the music.

What I said remains untrue, I tried to find said story. I couldn't. I stand corrected yet again today. XD

 

[TactMrBlack]

I'd be interested to see what 2k could do for a wrestling game.


Sent from my iPhone using Tapatalk

 

[Castiel]

There is talks of Ubisoft buying THQ out. They're a big name company, could help WWE games with them backing, surely they wouldn't be the worst choice either.