THQ has voluntarily entered Chapter 11 bankruptcy as part of a process to sell off its assets, the publisher announced today.
The Clearlake Capital Group has set an offer of roughly $60 million, but as a ‘stalking horse bidder’, which means other parties can submit competing bids. If no one else submits a bid, THQ has asked the bankruptcy court to finalize the sale to Clearlake in 30 days.
Pending court approval, THQ has said it will continue to operate as usual during the proceedings, with staff still being employed and paid and games still being developed. No layoffs are planned.
President Jason Rubin tweeted:
On track for big releases. Busy schedule ahead. @Companyheroes, @MetroVideoGame, @SouthPark #StickofTruth still on schedule
Thanks for all the support. And yes #SaintsRow sequel, @CrytekGmbH #Homefront Sequel, and other future titles still in works
Bankruptcy 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”.
Be sure to stay tuned to PSLS for news on whether anyone else bids for THQ, and read our Daily Reaction on the downfall of the company.