THQ Files For Chapter 11 Bankruptcy

THQ in a move to get itself closer to getting ready to be bought, has filed a Chapter 11 Bankruptcy, a move that they say will let them continue development of games. However, this also means that they’re selling all the rights to the games and assests that they have.

There is a private equity firm (Clearlake Capital Group) that is willing to invest 60 million dollars into THQ which would keep most of the company together. This includes; the companies that make games (Relic, Volition, THQ Montreal and Vigil), all the IP’s (Intellectual Properities) that they own and the contracts with companies (Crytek, South Park Digital Studio, Obsidian, Turtle Games and 4A Games.)

The move to Chapter 11 however, will allow other companies to also make a bid and perhaps allow the company to keep all of THQ together. They released a letter to the gaming community explaining what they’re trying to do.

Whether or not THQ survives and gets better management it will be left to see. They make some fun games and it would be sad to see them go under.

News Source (Computer and Video Games)

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