THQ promoting belongings, information chapter

THQ selling assets, files bankruptcy

THQ has filed for Chapter eleven (reorganization) chapter and has entered into an asset buy settlement with Clearlake Capital Group, a personal fairness agency. Clearlake is “to accumulate considerably all the belongings of THQ’s working enterprise, together with THQ’s 4 owned studios and video games in improvement.” THQ’s inventory on the Nasdaq trade has been halted, with the corporate anticipating to be delisted inside 9 calendar days.

“The sale and submitting are needed subsequent steps to finish THQ’s transformation and place the corporate for the longer term, as we stay assured in our present pipeline of video games, the power of our studios and THQ’s deep bench of expertise,” stated THQ CEO Brian Farrell.

THQ hopes to have the gross sales course of accomplished in 30 days. No layoffs are deliberate or introduced presently, with staff to be paid usually and work regular schedules.

THQ introduced in early November that’s was looking for “strategic options” to its dire monetary state of affairs. Clearlake has agreed to function the “stalking horse bidder,” a flowery time period for an purchaser chosen by the corporate, however there could possibly be different consumers.

Tags: thq

This text was initially revealed on Joystiq.

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