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General: THQ Files Chapter 11 Bankruptcy

SBFordSBFord Former Associate EditorMember LegendaryPosts: 33,129
in News & Features Discussion

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.

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¯\_(ツ)_/¯ 


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Comments

  • ZyzraZyzra Member Posts: 354
    Dang. I love titan quest too :(
  • erictlewiserictlewis Member UncommonPosts: 3,022

    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. 

     

  • PsychowPsychow Member Posts: 1,784
    This does explain all the nice deals they have been offering on their games.
  • TorrmwyreTorrmwyre Member UncommonPosts: 66
    Originally posted by erictlewis

    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...

  • NitthNitth Member UncommonPosts: 3,904
    Are these the same guys behind Darksiders?

    image
    TSW - AoC - Aion - WOW - EVE - Fallen Earth - Co - Rift - || XNA C# Java Development

  • AvatarBladeAvatarBlade Member UncommonPosts: 757
    Originally posted by Nitth
    Are these the same guys behind Darksiders?

    Darksiders, Company of Heroes and Warhammer 40k games.

  • KyleranKyleran Member LegendaryPosts: 43,498
    Originally posted by Torrmwyre
    Originally posted by erictlewis

    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...

    Who still plays those...this is MMORPG.com baby! image

    "True friends stab you in the front." | Oscar Wilde 

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    Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm

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  • KabaalKabaal Member UncommonPosts: 3,042
    At least Metro: Last Light and Company of Heroes 2 are still being released.
  • NitthNitth Member UncommonPosts: 3,904

    Originally posted by AvatarBlade
    Originally posted by Nitth Are these the same guys behind Darksiders?
    Darksiders, Company of Heroes and Warhammer 40k games.

    Guess that's the end of darksiders then..

    image
    TSW - AoC - Aion - WOW - EVE - Fallen Earth - Co - Rift - || XNA C# Java Development

  • ZyzraZyzra Member Posts: 354
    Originally posted by Kyleran
    Originally posted by Torrmwyre
    Originally posted by erictlewis

    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...

    Who still plays those...this is MMORPG.com baby! image

    Yeah!  Who still plays games on a PC, we have MMORPGs!

  • catlanacatlana Member Posts: 1,677
    Originally posted by Zyzra
    Dang. I love titan quest too :(

    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.

  • mCalvertmCalvert Member CommonPosts: 1,283
    Company of Heroes is still one of the most exciting RTS games I ever played.
  • HeroEvermoreHeroEvermore Member Posts: 672
    Aww sad. they have made some of the games I grew up on :(...

    Hero Evermore
    Guild Master of Dragonspine since 1982.
    Playing Path of Exile and deeply in love with it.

  • Xstatic912Xstatic912 Member Posts: 365
    Does anyone else see the tactic?
    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)...
  • RaysheRayshe Member UncommonPosts: 1,279
    Wonder how long before the WWE 13 players Snap. THe game as it stands crashes PS3's, crashes entire consoles 2 to 3 times a day and Runs horribley Oh and the online rankings reset every few hours.

    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.

  • strangiato2112strangiato2112 Member CommonPosts: 1,538
    Originally posted by erictlewis

    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. 

     

    MMORPGs arent hurt because of the economic downturn, come on now...

    If anything people go out less which makes MMORPGs an even better deal.  

  • Panther2103Panther2103 Member EpicPosts: 5,766
    I'm kind of sad that this happened, I really like most of THQ's normal releases. Their movie games on the other hand should have been providing some sort of monetary backing for the company shouldn't they? I mean they may not be good games but they get paid by whatever major company to develop them in a super short amount of time. The Saints Row series has been one of my favorite GTA style games and Darksiders was great.
  • IchmenIchmen Member UncommonPosts: 1,228
    wait so if THQ is going belly up.. what happens to my preorde of COH2 :O nooooo now ill never get to play as the commie reds against the gerrys Q.Q  guess its back to coh 1 and the russian mod that crashes all the time on me :( this sucks... why cant blizzard go bellyup and the good studios have their capital T_T
  • asmkm22asmkm22 Member Posts: 1,788
    Originally posted by Torrmwyre
    Originally posted by erictlewis

    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...

    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

  • aRtFuLThinGaRtFuLThinG Member UncommonPosts: 1,387

    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.

  • RaysheRayshe Member UncommonPosts: 1,279
    You guys do know what a chapter 11 bankruptcy is right. its bascailly a government safety net. THQ is going no where.

    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.

  • ReizlaReizla Member RarePosts: 4,092
    Well, Chapter 11 so far. Lets hope some how they'll get out of it. If an other company buys them, I hope it won't be EA... If they go bankrupt in the end, I hope the Warhammer 40K servers will stay in the air, or get a fix somehow (local player hosting?)
  • SlothnChunkSlothnChunk Member UncommonPosts: 788
    Sucks too see any company declare bankcrupty....except THQ sucks as a publisher.
  • jpnzjpnz Member Posts: 3,529
    Originally posted by aRtFuLThinG

    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.

    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.

  • CaldrinCaldrin Member UncommonPosts: 4,505
    Originally posted by Kabaal
    At least Metro: Last Light and Company of Heroes 2 are still being released.

    yaeh thats the main thing.. tho i hope DOW3 happens..

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