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THQ files for bankruptcy, sells assets to unnamed bidder

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THQ has announced that it has filed for chapter 11 bankruptcy in order to sell all company assets.

The company entered an agreement with an unnamed buyer through Clearlake Capital Group to purchase THQ and all company assets today (Wednesday, December 19). Those assets include all games currently in development and the company's four owned development studios Vigil, Relic, Volition and THQ Montreal.

Latest screenshots of Metro: Last Light

© THQ

'South Park: The Stick of Truth' screenshot

© THQ



Clearlake is facilitating the sale, with a current bidder price of approximately $60 million for purchase of the company including $10 million for benefit of the company's creditors. Other bidders will be permitted to come forward with offers as well during the sale process, with THQ requesting in bankruptcy court for the sale to conclude within 30 days.

"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," said THQ chairman and CEO Brian Farrell.

"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."

THQ says that there will be no reduction in staff at any of its studios during the sale, and that there will be no change in any of its currently in development titles.

Company of Heroes 2, Metro: Last Light and South Park: The Stick of Truth are all still scheduled to release in early 2013 as previously planned.

Metro: Last Light will be available on Xbox 360, PS3 and PC in March 2013.

Company of Heroes 2 will be available on PC also in March 2013.

South Park: The Stick of Truth does not have a final release date, but is expected to launch for Xbox 360, PlayStation 3 and PC sometime between April and June 2013.

Watch a trailer for Metro: Last Light below:

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