THQ has filed for bankruptcy

[MrBacon]

[url]http://finance.yahoo.com/news/thq-inc-secures-asset-purchase-185300188.html[/url]
[quote]AGOURA HILLS, Calif.--(BUSINESS WIRE)--

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. THQ maintains relationships with some of the top independent development studios around the globe. As part of the sale, the company is seeking approval to assume the contracts of these studios, and Clearlake will assume these contracts.

“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.”

According to Jason Rubin, who joined THQ as President last May, “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.”

Clearlake has agreed to serve as the “stalking horse bidder” for a Section 363 sale process, which allows other interested parties to come forward with competing bids. Aggregate consideration offered by Clearlake for the purchase totals approximately $60 million, including a new $10 million note for the benefit of the company's creditors. The company is asking the Court for a schedule to complete the sale process in about 30 days.

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 is being advised by Centerview Partners LLC and FTI Consulting as its financial advisors and Gibson, Dunn & Crutcher as legal counsel. Clearlake is being advised by DLA Piper as legal counsel.

For additional information about THQ, please visit [url]www.thq.com[/url]. For information regarding the Chapter 11 case, please visit [url]www.kccllc.net/thq[/url]. [/quote]

[std DONOR]

:(.

[RyanH]

:(

[LEETNOOB]

B-But... muh Metro: Last Light.

;_;

[danharibo]

It's chapter 11, with luck they can make it.

[editline]19th December 2012[/editline]

So that means you should still get your upcoming titles at least.

[SquidsEye]

It's all my fault, I gave all of my $5 to the humble bundle team instead of to THQ. I'm sorry guys, I let you down.

[HazzaHardie]

we all knew this day would come, but it still doesn't make it any less sad

[koeniginator]

[QUOTE=The golden;38893429]I'm not going to lie, some of their latest business practices have been really questionable. Stuff like the Last-Light Ranger fiasco and the EXTREMELY stupid Company of Heroes 2 pre-order "gambling race" thing.

Not exactly stunts you want to be pulling when on your last legs.[/QUOTE]

They knew they were going out of business anyway, they just went for some crazy ideas as a last resort. (for example the humble bundle)

[Ogopogo]

[QUOTE=LEETNOOB;38893392]B-But... muh Metro: Last Light.

;_;[/QUOTE]

4A games is a Ukraine company. I'm guessing the [quote]"The company’s foreign operations, including Canada, are not included in the filings"[/quote] means that they, along with Relic (Company of Heroes and Dawn of War) are safe.

[smeismastger]

No please no THQ

Metro 2034 is our last light for a proper AAA title :c

[jordguitar]

:suicide:

[Red scout?]

At least get Last light out first, then you may rest ;_;

[Blu_ninja]

[media]http://www.youtube.com/watch?v=V84STSWVp3g[/media]
I'm at a loss of words...

[Jordax]

[QUOTE=The golden;38893429]I'm not going to lie, some of their latest business practices have been really questionable. Stuff like the Last-Light Ranger fiasco and the EXTREMELY stupid Company of Heroes 2 pre-order "gambling race" thing.

Not exactly stunts you want to be pulling when on your last legs.[/QUOTE]

About that whole Company of Heroes 2 pre-order thing, in the worst case of THQ going under indefinitely, doesn't that mean that all the pre-orderers are going to be left with, are two promotional hats and a promotional medal for Team Fortress 2?

[MasterZior V.2]

This is a sad day for Metro fans!

[Ogopogo]

[QUOTE=MasterZior V.2;38893500]This is a sad day for Metro fans![/QUOTE]
[QUOTE=Ogopogo;38893446]4A games is a Ukraine company. I'm guessing the [quote]The company’s foreign operations, including Canada, are not included in the filings[/quote]means that they, along with Relic (Company of Heroes and Dawn of War) are safe.[/QUOTE]

[Griff]

it's good that i'll get to still see coh2

[koeniginator]

also thread music
[media]http://www.youtube.com/watch?v=k70iKGjr-Zs[/media]

[ItsMozy]

I told my dad I bought a bundle for 6 bucks. And how much it was worth.

He was ashamed I only bought it for 6 bucks, he said I should have given more.

I'm sorry, THQ, I'm sorry.

[Ogopogo]

[QUOTE=koeniginator;38893544]also thread music
[media]http://www.youtube.com/watch?v=k70iKGjr-Zs[/media][/QUOTE]

Metro 2033 has an exceptional soundtrack.

[Flaming Spaz]

Some articles are saying that all projects will continue as normal.

Edit: See below.

[MrBacon]

[QUOTE=FlamingSpaz;38893652]Some articles are saying that all projects will continue as normal.[/QUOTE]

[QUOTE]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.[/QUOTE]

[EpikMonster]

THQ ... :( You guys were awesome.

[jordguitar]

[QUOTE=FlamingSpaz;38893652]Some articles are saying that all projects will continue as normal.[/QUOTE]

filing for chapter 11 != instantly shutting down

All it allows them to do is restructure and get back into a point where they can function without being able to pay their debt.

Chapter 7 is them shutting down and selling off assets.

Them scrapping a game that is months from release is stupid because they filed for chapter 11.

[Dead Madman]

Not only were they good for Metro, their games have been frequently played by me ever since I was younger, I'll never forget you, THQ, I'll always love you

[media]http://www.youtube.com/watch?v=imGaOIm5HOk[/media]

[Brochacho]

What will happen to Saints Row :(

[Oth]

I think I've said this before, but I just don't get how this happens? Were their finances to badly managed? Did their operating costs exceed their income by so much?

THQ has developed / published some really spectacular, fun and well-sold games in the last few years. Where did all that money go? Botched / unfinished projects?

If it's just the burden of previous obligations, hopefully this will allow them to get a reboot.

Man, this just ruined my day.

[Ogopogo]

I feel as though no one is reading the article.

[danharibo]

[QUOTE=Ogopogo;38893795]-snip-[/QUOTE]

Just about every comment I've read so far has been along the lines of:

[QUOTE]NOOOO! I wanted Metro 2034!!!! :([/quote]

[lapsus_]

RIP THQ. Thanks for all the good games you brought us. You did not deserve bankruptcy.

woa niqqa giving me boxes, u insensitive.
I [u]know[/u] they'll deliver the games they are currently developing, but aknowledge that those will be the last.

No more Saints Row
No more Red Faction