THQ Files For Bankruptcy, Optimistic About Future

Metro_Last Light

Filing for bankruptcy is never a good press release for any company, but that’s exactly what THQ did today when it announced its chapter 11 filling, as it entered into an asset purchase agreement with an unknown bidder.

THQ said the sale would allow it to ”shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology.” This also allows THQ to move followed virtually unscathed, as current studios and the projects they’re working on continue without pause. Employees will continue to work with prior compensation agreements being honored by the flailing publisher.

Said THQ CEO Brian Farrell:

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. We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible.

 

The estimated value of THQ’s assets total to roughly $60 million, and the firm expects to complete the sell off in 30 days.

So no need to worry, then, Metro: Last Light and virtually every other THQ game will be see development continue to completion.

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Author: Ernice Gilbert View all posts by
Ernice Gilbert here. Founder and Editor-In-Chief of Gamesthirst. Thanks for stopping by, make yourself at home!

2 Comments on "THQ Files For Bankruptcy, Optimistic About Future"

  1. nick December 21, 2012 at 3:25 am -

    sigh.
    shame to see whats happened to THQ, you put out nothing but awesome games (well besides that WWE crap, its WWE what do you expect?) and this is how your thanked!
    sad, just goes to show how unfair this industry is!
    copy and paste your whole life and copy everyone else and your the richest publisher in the industry!
    try to create something different and new, or try to look to something overdone and saturated and put your spin on it, and you go bankrupt!
    sigh.
    every game THQ has made whether its darksiders or homefront 2 perfect examples of taking a saturated genre and trying to inject some life into them, try and do something different.
    or metro and deblob.
    2 totally new unique quirky cool games we really dont see much of.
    thats why i love THQ, they are NEVER BORING!
    NEVER!
    there not like antivision, EA, 2K, $ony, M$, $E, they dont look at the industry and say ok this is what everyones doing so thats what we have to do.
    they look at the industry and say ok this is what everyones doing, so lets do something different.
    lets either do something totally different, or take their ideas and show the world what else can be done with it.
    there never ever boring, they always put their unique spin onto things.
    just goes to show how much of a hypercrite society has become!
    people are always crying same old same old, than go buy same old same old.
    and when new fresh ideas finally come out there nowhere to be found!
    sigh, as cliffy b once said haters will hate right to the cash register…..
    only if 10% of people practiced what they preached, this would would be a MUCH better place!

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