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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.