And so it looks like the numerous reports of THQ’s demise were spot on with THQ officially filing for Chapter 11 Bankruptcy earlier today. However, it isn’t actually all that bad in the end.
THQ is bankrupt and can’t get out of the hole that uDraw put them in, but they do have solid titles like Saints Row and Metro: Last Light, so there is no reason to believe they can’t start making a profit again if they manage to clear the debts. And that’s exactly what they’re doing.
They are bankrupt but they will sell their name and IPs to a new company called Clearlake Capital which bills itself as
Clearlake Capital Group is a leading investment firm focused on private equity and special situation transactions.
Clearlake has bought those rights for $60 million and will continue to operate the company as THQ and has no plans to retrench anyone or cancel any games that are currently in development.
So all three THQ studio’s are still open, all the employees are employed over Christmas and Metro: Last Light is still coming out next year alongside South Park: The Stick of Truth.
It’s a winning situation all round really, well apart from the debtors who are going to lose millions but really we don’t care about them that much, do we?