THQ files for bankruptcy

THQ is filing for Chapter 11 bankruptcy. The beleaguered company has seen tough times over the years, with uDraw being a large part for many of the company's woes. In a prepared statement, the company says that its operations, including the ongoing development of its games, will be unaffected as the publisher has secured interim financing. Some noteworthy titles on THQ's slate include the upcoming South Park RPG, Metro: Last Light, Company of Heroes 2, Homefront 2, and the next Saints Row title.

"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," the press release stated.

Affiliates of Clearlake Capital Group LIP will acquire assets of THQ's business. Providing the court approves of THQ's "first-day motions," the company expects Clearlake to assume any contracts with aforementioned third-party studios.

THQ recently ran a controversial Humble Bundle, which raised many millions of dollars. However, it's clear that the cash raised from the sale could not delay today's announcement.

"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," THQ CEO Brian Farrell said. "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."

Jason Rubin, who joined THQ as their president in May, also commented: "We have incredible, creative talent here at THQ. We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels."

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