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Beleaguered Saints Row publisher THQ has filed for Chapter 11 bankruptcy, the company announced today. It has entered into an asset purchase agreement with a bidder to acquire "substantially all of the assets of THQ's operating business." This includes the company's four wholly-owned studios and games in development.
"The sale will 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 company said in a statement.
Source: GameSpot
Ouch.