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According to Yahoo Finance, THQ has filed for Chapter 11 bankruptcy in the US District Court in Delaware. According to the filing, THQ has already secured an agreement to have assets purchased by Clearlake Capital Group.
Shares of THQ, which were briefly halted before the announcement, plummeted more than 60 percent to less than 50 cents after they resumed trading in the late afternoon.
The Agoura Hills, California-based company, said Clearlake was a "stalking horse bidder" or a potential buyer chosen from a pool of bidders to make the first bid.
This "allows other interested parties to come forward with competing bids," THQ said in a statement.
THQ's domestic business units have filed for bankruptcy. "The company's foreign operations, including Canada, are not included in the filings," THQ said.
Game development will continue despite the filing.
Read more at Yahoo Finance.
Comments
Wow I never heard of any of the games this company makes. I had to go look them up, and it looks like a lot of console games. Just goes to prove it just not mmo's that been hurt durring this economic downturn.
THQ is one of the biggest PC games publishers of the past decade...
TSW - AoC - Aion - WOW - EVE - Fallen Earth - Co - Rift - || XNA C# Java Development
Darksiders, Company of Heroes and Warhammer 40k games.
Who still plays those...this is MMORPG.com baby!
"True friends stab you in the front." | Oscar Wilde
"I need to finish" - Christian Wolff: The Accountant
Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
Fools find no pleasure in understanding but delight in airing their own opinions. Pvbs 18:2, NIV
Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
Guess that's the end of darksiders then..
TSW - AoC - Aion - WOW - EVE - Fallen Earth - Co - Rift - || XNA C# Java Development
Yeah! Who still plays games on a PC, we have MMORPGs!
Titan's quest was an awesome game. I am sad that THQ decided to chase the fps dollars with Homefront rather than the next Titan's Quest game as well.
Hero Evermore
Guild Master of Dragonspine since 1982.
Playing Path of Exile and deeply in love with it.
File for bankruptcy (which doesn't affect there overseas studios, so any game they had in the pipeline can be moved to those studios..), a firm comes in and buys there asset.
Next up is major restructuring and getting back there asset.. GM did it also to kill off there outstanding debt they had (not the government bailout cash)...
Because i can.
I'm Hopeful For Every Game, Until the Fan Boys Attack My Games. Then the Knives Come Out.
Logic every gamers worst enemy.
MMORPGs arent hurt because of the economic downturn, come on now...
If anything people go out less which makes MMORPGs an even better deal.
The problem is that they have never been very innovative. For the longest time, they just pumped out cheap licenced IP's meant to cash in on either movies or TV. Stuff like Hot Wheels or Wrestling games. They had a few gems, like the Warhammer RTS, but most of their stuff was simply disposable crap you find in the $9.99 bin a few months after the movie is released.
You make me like charity
I wonder if this backruptcy was party engineered by EA to drive out competition so they can scope up all the remaining sports games license.
WWE and UFC were both signed with THQ. THQ now are forced to sold their license to make UFC games to EA Sports.
UFC Zuffa hates EA Sports originally because when they originally approached EA the management at EA say MMA is not a sport thus they don't want to do it, hence THG got the gig. Now that MMA is popular and EA wants that pie they are once again seems to be forcing out competitions to get what they want.
If there was any anti-trust cases coming up I think EA should be on that list.
Because i can.
I'm Hopeful For Every Game, Until the Fan Boys Attack My Games. Then the Knives Come Out.
Logic every gamers worst enemy.
While I enjoy a good conspircy theory, this one has to be one of the more illogical ones.
THQ didn't need any help from EA, this was self-created via the wonderful 'uDraw' (a tablet except not good).
Gdemami -
Informing people about your thoughts and impressions is not a review, it's a blog.
yaeh thats the main thing.. tho i hope DOW3 happens..