|THQ files for bankruptcy, assets bought by "strong financial partner" for $60m|
|Posted: 20.12.2012 13:47 by Simon Priest||Comments: 3|
Who saw this coming?! Well, probably most who'd been following the flagging financials of THQ. Bankruptcy has been filed for, but their assets have already been snapped up by the Clearlake Capital Group.
What does this mean?! Business as usual. No really, business as usual. THQ's four studios and games in development aren't stopping, and they've no intention of letting staff go.
THQ not spiralling the drain? It must be the end of the world or someth-... oh wait. The Mayan calendar runs out tomorrow. Balls. Of course it that turns out nothing...
Metro: Last Light, Company of Heroes 2, South Park: The Stick of Truth, and the next Saints Row instalment are all safely chugging away thanks to the $60 million asset buy out by Clearlake Capital Group. It seems declaring bankruptcy these days is just a way of airing out the accountancy department.
The publisher has noted that it "does not intend to reduce its workforce as a result of the filing, and employees will continue to work their usual schedules and receive normal compensation and benefits, pending customary Court approval." That's some really awesome news right there for the developers and their families, especially at Christmas.
"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 CEO Brian Farrell. Their NASDAQ listing will expire in nine days because of the filing.
"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 president Jason Rubin, a former Naughty Dog, said: "We have incredible, creative talent here at THQ."
"We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels.” THQ raised $5 million in two weeks from the rather cheap THQ Humble bundle.