THQ files Chapter 11 petition to help sale of busniess

[GONNAFISTYA]

THQ Inc. Secures Asset Purchase Agreement with Affiliates of Clearlake Capital Group

THQ Inc. (THQI), a leading worldwide developer and publisher of interactive entertainment software, today announced that it entered into an Asset Purchase Agreement with a “stalking horse bidder,” affiliates of Clearlake Capital Group, L.P., to acquire substantially all of the assets of THQ’s operating business, including THQ’s four 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.

To facilitate the sale, THQ and its domestic business units have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware. The company’s foreign operations, including Canada, are not included in the filings. The company has obtained commitments from Wells Fargo and Clearlake for debtor-in possession (DIP) financing of approximately $37.5 million, subject to Court approval.

THQ will continue operating its business without interruption during the sale period, subject to Court approval of THQ’s first-day motions. All of the company’s studios remain open, and all development teams continue. The company remains confident in its existing pipeline of games....


....“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 Brian Farrell, Chairman and CEO of THQ....

.... Consumers and retailers should see no changes while the company completes a sale. The new financing will support business operations throughout the period. THQ does not intend to reduce its workforce as a result of the filing, and employees will continue to work their usual schedules and receive normal compensation and benefits, pending customary Court approval.

As is the case after a Chapter 11 filing, THQ expects to receive notice from NASDAQ informing the company that its shares will be delisted from the exchange within nine calendar days of notification.

THQ has never managed its house too well as they've always been a pack of relatively short-sighted morons. I have a feeling this sale will give some capital injections and some breathing space for a couple of years, and then THQ's braindead management will go right back to wrecking the company like it always has. Then one day they'll find another buyer, get another cash injection, trash the company again, rinse and repeat.

[MKJ]

Cynicism aside, this makes me sad.

[losCHUNK]

[Transient]

I'm not surprised after the recent THQ bundle deal. Though I'm not sure how it fits in, either.

[Don Carlos]

I'm not surprised after the recent THQ bundle deal. Though I'm not sure how it fits in, either.

They raised a much needed $3 millions dollars for them selling old games...

Sad news though

[bitWISE]

Complete Darksiders/Darksiders 2 with DLC pack for $13

http://www.amazon.com/dp/B00APOVDDY?t=s ... slicinc-20

[LawL]

business

[obsidian]

Fuck you Amazon, U.S. only even though it activates on Steam.

[MKJ]

stuffs they were working on (along with already released/announced titles)



wonder what will happen with SR4

[edit] oh wait

"Our teams are still working on those titles as you read this, and all other rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more are also still in the works."

[Κracus]

Homefront 2? Jesus no wonder they're tanking, what a shit game.

Only game there that looks interesting is SR4 and possibly Darksiders 2.

[phantasmagoria]

The Company of Heroes 2 videos look identical to CoH 1 :|

[bitWISE]

That chart is confusing.

[obsidian]

Metro

[Don Carlos]

That chart is confusing.

Agreed

[MKJ]

Yes I usually get dazzled by the use of letters and words too.

[Don Carlos]

I dont understand why there are columns and underlines and stuffs

[bitWISE]

When I see that, it looks like unreleased games have made them big profits and the only released game on the list actually lost them money despite being wildly popular, successful, and critically acclaimed?

Five million people have already prepaid an average of $36 for Saints Row 4? Four million have pre-ordered Homefront 2?

[Eraser]

No they are projected sales numbers. In other words: that's what they expect the games will make them.

[GONNAFISTYA]

Ubisoft plots THQ bid

[SoM]

much better then EA or Activision

[Eraser]

oh, expect THQ games with retarded DRM measures now.

[MKJ]

Didn't ubi admit their drm was a mistake?

[Κracus]

I still can't fathom how they expect to sell 4 million Homefront 2 games... Seriously it's complete garbage. Who the hell would buy that?

[mrd]

Millions of people buy complete garbage every single day on this planet, why should this game be any different?

[GONNAFISTYA]

THQ Is No More

Today, THQ was officially sold and auctioned off. Within the next few weeks, the company will be no more.

The company's assets have been divided: Sega agreed to purchase Relic (Company of Heroes), Koch Media has agreed to purchase Volition (Saint's Row) and the Metro property, Crytek has agreed to buy Homefront, Take-Two will purchase the unannounced game Evolve, and Ubisoft will buy THQ Montreal and the South Park game.