Game developer THQ has just announced that it has filed for Chapter 11 bankruptcy protection, and will be selling off its studios and games in development. According to THQ's press release, the company will continue daily operation as normal and it will be proceeding with developing all games currently in the pipeline. THQ also announced it had entered into an agreement with affiliates of Clearlake Capital Group, L.P. acting as a "stalking horse bidder" — basically, a company willing to enter a bid on a company in order to garner it a certain value in the marketplace. The company has also secured commitments of around $37.5 million in financing from Wells Fargo and Clearlake to help it through the transition.
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via The Verge - All Posts http://www.theverge.com/2012/12/19/3785022/game-developer-thq-files-for-bankruptcy-will-sell-off-assets-and-games
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