by Josh Hamel
Struggling publisher THQ has filed for Chapter 11 bankruptcy and has entered into a purchase agreement with private equity firm Clearlake Capital Group, the company says.
The firm has acquired the publisher as a “stalking horse bidder,” a bidder chosen by a bankrupt company to avoid lower bids on its assets.
The bankruptcy filing by THQ is merely to shed some of the company’s debt obligations and help “facilitate the sale” of the publisher’s 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 Brian Farrell, Chairman and CEO of THQ.
According to a press release by THQ today, the publisher has every intention of continuing development on its upcoming games that include Company of Heroes 2 and South Park: The Stick of Truth and will not reduce the number of employees as a result of the bankruptcy.
“We have incredible, creative talent here at THQ,” added THQ president Jason Rubin. “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.”