THQ files for Chapter 11 bankruptcy.

Well, we all knew it was coming, and it’s finally arrived; THQ has filed for bankruptcy.  The troubled publisher has reached an agreement with Clearlake Capital Group, L.P. to purchase “all of the assets of THQ’s operating business, including THQ’s four owned studios and games in development.”  THQ claims that this will allow the company to shed some older obligations while maintaining their current roster of games.

THQ claims that no games will be cancelled, and that there will be no layoffs at this time.  As per the press release:

THQ will continue operating its business without interruption during the sale period, subject to Court approval of THQ’s first-day motions. All of the company’s studios remain open, and all development teams continue. The company remains confident in its existing pipeline of games. THQ maintains relationships with some of the top independent development studios around the globe. As part of the sale, the company is seeking approval to assume the contracts of these studios, and Clearlake will assume these contracts.

If you want more details, feel free to check out the press release below.  In the mean while, we’ll be keeping you updated on THQs financial situation as it develops.

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