THQ Dives Into Chapter 11 Bankruptcy Protection And A Purchase Agreement

So the big news yesterday came from the financially troubled publisher, THQ.  We’ve all known for a while that they’ve been trying to manage and stay afloat through some rough times so hearing that they’ve gone ahead and filed for chapter 11 bankruptcy protection probably won’t surprise many of you.  The reason behind it might.

It seems, THQ has entered into a purchase agreement with Clearlake Capital to acquire all of their assets including THQ’s four owned studios (Vigil, Volition, THQ Digital Studios Phoenix and THQ Wireless).   Filing for chapter 11 helps to facilitate this process which is expected to be complete in 30 days time.  For the nitty-gritty details, the purchase is supposedly for $60 million dollars with 10 of that going to pay off THQ’s creditors.  If you’re into legal jargon and want to peruse the bankruptcy filing, you can read it here.  We’re given a little more insight into what’s coming from THQ including unannounced titles like THQ Montreal’s project “1666” and a new co-op action game from Turtle Rock Studios.

Here’s the best news however.  THQ doesn’t plan to layoff anyone as a result of the bankruptcy news and employees will receive normal pay and work normal hours.  So, it’s business as usual at the THQ camp which I find to be extremely refreshing.  In a rough year for layoffs and closings, it’s wonderful to hear that THQ is able to provide security to its workforce especially around the holidays.  You could say I’m a glass half full kind of guy.

While not out of the woods quite yet, it would seem the darkness is beginning to lift as THQ moves closer to securing their financial future.  Here’s hoping anyway.

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One Response to THQ Dives Into Chapter 11 Bankruptcy Protection And A Purchase Agreement

  1. Pingback: THQ Embroiled In Legal Controversy With Recent Bankruptcy | Gamer Crash

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