After a few weeks of speculation, THQ has finally filed for chapter 11 bankruptcy today. The company has entered into an asset purchase agreement with a bidder to acquire "substantially all of the assets of THQ's operating business." Included are THQ's four wholly-owned studios.
In a statement released today: "The sale will allow THQ to shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology."
But there is good news. The company states that none of the day-to-day operations will be affected, at least during this sales period. All of the THQ studios remain open and in business, and development on all current projects will be unaffected. Further, no layoffs are expected to be a result of this filing. Current employees will continue to work their normal schedules and recieve their normal compensation. It is also interesting to note that the company's international operations, including Canada, are not affected by this filing as well.
Brian Farrell, THQ's CEO, had the following to say: "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. 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."
There's quite a list of games currently in development from the four studios of THQ, and they include the following: Saints Row 4, South Park: The Stick of Truth, Homefront 2, Metro: Last Light, and Company of Heroes 2.
