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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