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THQ files for Chapter 11 bankruptcy

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Maybe the world will end in the next few days. Today, THQ has officially filed for chapter 11 bankruptcy and has negotiated a bidding agreement to sell its remaining assets, studios, and projects.

The news comes from a press release made today, wherein THQ stated that they had taken part in a bidding agreement to sell all of their assets, four studios, and projects currently in development to Clearlake Capital Group. They filed for chapter 11 bankruptcy in Delaware, U.S.

The studios being sold include Vigil Games (Darksiders II), Relic Entertainment (Warhammer: 40,000 series), Volition (Red Faction series, Saints: Row: The Third), and THQ’s Monteal studio

Amid the movement of assets and resources, THQ has assured investors that no layoffs or closures will occur. Its former studios will still continue to function, and titles currently in development such as Metro: Last Light, South Park: Stick of Truth and Company of Heroes 2 will be virtually unaffected. CEO and Chairman Brian Farrell had the following to say:

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.

Despite publishing well-received titles like the recent Darksiders II and Saints Row: The Third, and releasing an incredibly successful Humble Bundle, it seems THQ has been largely unable to escape their financial trappings. Due to its filing of bankruptcy, the publisher will be delisted from the NASDAQ stock exchange in nine days.

How do you feel about this, single-players? Let us know, and stay tuned for more news on upcoming games like Metro: Last Light and Company of Heroes 2.

Michael Urban
Now an occasional contributer, Michael Urban is the former Editor-in-Chief at OnlySP and has the nickname "Breadcrab" for reasons his therapist still doesn't understand. From the moment he first got hacked in Runescape, he's been uninterested in multiplayer games and has pursued the beauty of the single-player experience, especially in terms of story and creative design. His hobbies include reading, writing, singing in the shower, pretending to be productive, and providing info and feedback regarding the games industry. It is an industry, right? You can ask him a question or send him spam at michaelurban@www.onlysp.com. Also, follow him on Twitter or the terrorists win. (@MichaelUrban1)

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