THQ have filed for a Chapter 11 proceeding of the bankruptcy code, signalling a transitional period for the publisher.
Under Chapter 11, investors are allowed to make competing bids for the company, and THQ confirmed that they have already secured an offer from private equity firm Clearlake Capital Group.
Such investment will signify a new start for the publisher, with Clearlake covering costs until the process is finalised as to who will assume company assets.
They’ve also commited additional capital that will ensure that THQ is able to finish making their current projects, as well as continue further games in future.
“So THQ made headlines today – and I am sure there will be tons of click-grabbing headlines over the next month or so. But what matters to us is not what is happening to THQ right now, but what the company and its teams will make of ourselves after we complete the sale,” THQ president Jason Rubin writes.
“In short, the teams will be unburdened by the past and able to focus on what they should be focusing on – Making great games.
“I’m excited about the future and hope to have more to report soon.”
THQ supported the launch of Wii U by bringing Vigil Games’ Darksiders II to the platform.
THQ files for bankruptcy, but hope is not lost
