THQ, Publisher Of Saints Row, Files For Bankruptcy
After a successful run with the Humble Bundle and a few solid releases this year, it looked like troubled publisher THQ could stay on top of things. That assumption may have been too optimistic as the company has just filed for chapter 11 bankruptcy.
THQ announced today that it has secured an asset purchase agreement with the Clearlake Capital Group as part of its bankruptcy proceedings. The asset sale, which includes the publisher’s owned studios and current games, will allow the publisher to “shed certain legacy obligations and emerge with stronger financial backing of a new owner with substantial experience in software and technology.”
“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. “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.”
So, what does this mean for the games that THQ is currently working on like Metro: Last Light and South Park: The Stick of Truth? All games and studios are going to remain as is while THQ transfers ownership to whoever this new mystery investor is. Unless the courts do something out of the ordinary, THQ won’t have to lay off any employees and all games will continue in development as planned.
THQ’s president, Jason Rubin, reiterates that there’s nothing to worry about and that filing bankruptcy won’t impact day to day operations:
“We have incredible, creative talent here at THQ. 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.”
In short, THQ fans have nothing to worry about at this juncture. The publisher will keep making games, and highly anticipated titles like Metro: Last Light are still on schedule. The only real difference is that we no longer have to see reports every week of how little THQ’s stock is worth.