THQ game development house files for bankruptcy

Posted by Niko, on Thu, 20 Dec 2012 18:17 GMT

THQ has filed for a Chapter 11 bankruptcy. A Chapter 11 bankruptcy means that the filing company's business affairs and assets will be reorganized.

With the bankruptcy, THQ's assets will be sold to a private equity company Clearlake Capital Group for $60 million.

Naturally, the bankruptcy dropped the company stocks a whopping 73%, leaving the stock price at $0.35.

The company has been in financial troubles for some time, and last month they admitted that they're "seeking for financial alternatives". Clearlake will acquire all of THQ's four game studios and games in development.

THQ is mostly known for their Saints Row game series.

Source: Afterdawn

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Niko

I'm Niko (also known as Niksuski), a 21 year old student and I live in Finland. Nikosite is my project, and the first extensive website project I have had. I'm really interested in everything mobile tech related, and a huge Android fan.