THQ Files for Chapter 11 Bankruptcy
Unfortunately, this seemed like an eventuality.
THQ has filed for Chapter 11, or reorganization, bankruptcy. The publisher entered into an asset purchase agreement with Clearlake Capital Group, a private equity firm that will “acquire substantially all of the assets of THQ’s operating business, including THQ’s four owned studios and games in development.”
“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.
The studio hopes that the sales will be completed within 30 days. No layoffs have been announced at this time, and aren’t planned currently.
Along with the filing notice is information about a few games the publisher had in development.
Relic Entertainment was working on a project titled Atlas that would launch in 2014, along with Company of Heroes 2. Meanwhile, Turtle Rock Studios is making a co-op, multiplayer action title called Evolve.
Vigil Games, makers of the Darksiders series, is working on a title called Crawler. This games are in addition to other titles that were known to be in development, such as South Park: The Stick of Truth and Saints Row 4.