THQ has been battling financial issues this entire year and today came the day many people were expecting; THQ has officially filed for Bankruptcy. However, this doesn’t mean the company is shutting down. THQ has entered a Asset Purchase Agreement with Clearlake Capital Group who will acquire the majority of THQ’s business assets. This potential sale of THQ’s assets would include “THQ’s four owned studios and games in development”.
As part of the sale process THQ has filed for bankruptcy but will continue to function normally and no employees will be let go. In addition, as of right now all games in production will remain so going forward. Jason Rubin mentioned on twitter that Company of Heroes 2, Metro: Last Light and South Park: The Stick of Truth are all still on track to being completed.
Clearlake is “stalking horse bidder”, which means they are interested in buying the company but were actually chosen by THQ. However, other parties can step forward and make bids for the company. This is interesting because someone like EA or Activision would love to get their hands on Volition and the Saints Row franchise. So it will be intriguing to see if another major video game publisher steps up to offer to buy THQ.
THQ is hoping to complete the sale within 30 days.