THQ files for chapter 11 bankruptcy...

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[nikomas]

In the best way possible appearently if it would come to this, at the very least it looks like we'll still be getting all the games.

http://www.thq.com/us/go/article/view/homepage_article/261277/thq_community_message_from_jason_rubin?utm_source=Social&utm_medium=General&utm_campaign=THQ

I might be a bit off, but it looks like Clearlake is essentially buying everything.

Today THQ announced that it has secured an investor, a private equity firm named Clearlake Capital Group, who is interested in purchasing most of what you think makes up THQ:  the teams that make the games (Relic, THQ Montreal, Vigil and Volition), THQ’s Intellectual Property (titles, source code, etc.), THQ’s contracts (like the ones with Crytek, South Park Digital Studios, 4A games, Obsidian, and Turtle Rock) and the support staff that are required to help the teams succeed.

One company stepping in is probably the best rather than it being split up. As far as I know anyway. Maybe it could have gone better but well, certainly better than a lot of other options.

[Ahnungsloser]

Yeah have seen that post yesterday on GR and at twitter. THQ life is hanging at a thread..

[tank130]

You know General Motors filed chapter 11 as well right?
They are far from safe, but they are now turning a profit in a still fucked economy.


It is a typical paper work shuffle.

[Unkn0wn]

I don't think the American government is going to save THQ like it did General Motors, lol.

[pqumsieh]

THQ is fine, this was one of the best moves it could have made given its situation. Essentially they are selling off only the good aspects of THQ leaving behind the bad debt and old contracts they no longer want to continue. This will drastically reduce overhead and give them the freedom to properly direct the company. Look at it this way, chapter 11 analogous to defragging your hard drive. Its the same hard drive, but it runs much faster and without all that junk you had filled it up with over the years.

[nikomas]

Well that's why I said it's one of the better ways it could have gone

[tank130]

I don't think the American government is going to save THQ like it did General Motors, lol.

Not really my point.........

Chapter 11 basically lets you walk away from debt and stay in business.
If you are a creditor, chapter 11 will really piss you off.

[Poppi]

Not really my point.........

Chapter 11 basically lets you walk away from debt and stay in business.
If you are a creditor, chapter 11 will really piss you off.

messes up any chance of asking for loans.

but THQ has a great track record of making games.... i think.
so sure some investors will gladly pick up the pieces

[Valexandes]

From the sounds of things this could actually be really good as now THQ really just has their main games to work on and a lot of old problems and things can be gotten out of the way.