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THQ Files for Bankrupcy

This is a discussion on THQ Files for Bankrupcy within the General PS3 Discussion forum, part of the Everything PlayStation; THQ has filed for bankruptcy. According to a statement released this morning, THQ has entered into an Asset Purchase Agreement ...

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    THQ Files for Bankrupcy

    THQ has filed for bankruptcy. According to a statement released this morning, THQ has entered into an Asset Purchase Agreement with affiliates of investment firm Clearlake Capital Group “to acquire substantially all of the assets of THQ’s operating business, including THQ’s four owned studios and games in development.” THQ notes that the sale will allow it “to shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology.”
    As part of the sale, THQ has filed for Chapter 11 bankruptcy in U.S. court. The company notes that it “will continue operating its business without interruption during the sale period” and that all studios will remain open with all development teams continuing to work. THQ notes that it “remains confident in its existing pipeline of games” and is seeking court approval to assume the contracts of “some of the top independent development studios around the globe” with whom it maintains relationships.
    “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 CEO Brian Farrell. “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.”
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    Always sad when a company goes bankrupt, especially a company like THQ.

    THQ Files for Bankruptcy - IGN

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    Well hopefully they can get out of this

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    Thats pish , I was looking forward to more Company of heros
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    I knew this would happen sooner or later. A shame it wasn't EA... They have good developers, but that company is a dick. >_>

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    I feel sorry for the people who lose their job but THQ hasn't had many good games that came out besides the Saint Rows and Red fraction series.
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    It is pretty much over for THQ now. If that South Park game doesn't do some crazy numbers, than this is the end. Next news we hear could be that THQ is selling some of its IPs. They could get a lot of money for the Saint's Row IP.

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    Hope southpark is still in the making and wonder if Homefront 2 will go ahead?

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    Its worrying when a company the size of THQ files for bankrupcy. How long before EA and Activision are in trouble??

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    What about Turtle Rock's next game? Will it be affected too?

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    So people arn't idiots


    THQ IS BANKRUPT. THEY ARE NOT OUT OF BUISNESS. THIS MEANS YOU WILL STILL PROBABLY GET THE GAME YOUR WAITING FOR. THQ ALSO DIDNT LIST THE DEVS THEY OWN LIKE RELIC, 4A, ETC. IN THE CHAPTER 11 SO THEY ARE PERFECTLY FINE

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    [QUOTE=Ps360;419330]So people arn't idiots


    THQ IS BANKRUPT. THEY ARE NOT OUT OF BUISNESS. THIS MEANS YOU WILL STILL PROBABLY GET THE GAME YOUR WAITING FOR. THQ ALSO DIDNT LIST THE DEVS THEY OWN LIKE RELIC, 4A, ETC. IN THE CHAPTER 11 SO THEY ARE PERFECTLY FINE[/QU

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    better safe then sorry.


    people are actually dumb enough to think that.

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    The site really needs to not show quotes from people on your ignore list. Especially obnoxious 'yelling' ones.

    I look forward to THQ releasing the next Saint's Row and maybe the other 2 games for the remaining horsemen in the Darksiders games.
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    Quote Originally Posted by Shuklar View Post
    The site really needs to not show quotes from people on your ignore list. Especially obnoxious 'yelling' ones.

    I look forward to THQ releasing the next Saint's Row and maybe the other 2 games for the remaining horsemen in the Darksiders games.
    And actually don't give us the choice to see the post, just makes it disappear.

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    Quote Originally Posted by Ps360 View Post
    So people arn't idiots


    THQ IS BANKRUPT. THEY ARE NOT OUT OF BUISNESS. THIS MEANS YOU WILL STILL PROBABLY GET THE GAME YOUR WAITING FOR. THQ ALSO DIDNT LIST THE DEVS THEY OWN LIKE RELIC, 4A, ETC. IN THE CHAPTER 11 SO THEY ARE PERFECTLY FINE
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    On topic, I hope South Park draws well enough to bring THQ out of the Bankruptcy they are currently experiencing.
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    Already knew this was coming.

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    Chapter 11, Title 11, United States Code - Wikipedia, the free encyclopedia

    Those who don't know chapter 11 bankruptcy here it is. It's all it is that really debtors have control thus THQ is going to sell off their IPs. Which ones I do not know. Than again it's THQ's fault for going the LJN route. They went for too many licences and not enough original IPs. So hopefully they get their together before the South Park game goes under or becomes part of the sale that THQ does.
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    Hope they can pull through this with their top franchises going to good homes. I'd imagine WWE will be one that definitely leaves their grasp.
    THQ have given me some great gaming fun over the years, not my favourite by any stretch, just one i'm fond of.

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    I honestly think this is great news. Hopefully THQ will be able to make some new financial decisions to become healthy and profitable again. They have a couple IPs that can keep them financially viable (Stick of Truth, Metro, Saint's Row).

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    Dammit THQ, get out of that bankruptcy ASAP!



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