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THQ Files for Chapter 11; Plans Sale

THQ has filed for Chapter 11 bankruptcy as part of the process of selling its operations to an investor called the Clearlake Capital Group (thanks Joao via Gamasutra). The THQ Website explains this involves securing interim funding to continue the company's day-to-day operations and the plan for Clearlake to "serve as the 'stalking horse bidder' for a Section 363 sale process, which allows other interested parties to come forward with competing bids." Here's more:

The company is asking the Court for a schedule to complete the sale process in about 30 days.

Consumers and retailers should see no changes while the company completes a sale. The new financing will support business operations throughout the period. THQ does not intend to reduce its workforce as a result of the filing, and employees will continue to work their usual schedules and receive normal compensation and benefits, pending customary Court approval.

As is the case after a Chapter 11 filing, THQ expects to receive notice from NASDAQ informing the company that its shares will be delisted from the exchange within nine calendar days of notification.

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27. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 17:48 Prez
 
This is awful (but not unexpected) news. Despite the inevitable missteps and boneheaded moves a company the size of THQ is bound to make - way way WAY fewer than EA and Microsoft though - , THQ has put out some great games and owns some great properties that they in my opinion have consistently done justice to.

I hope against hope that this isn't the end for THQ, but it sure looks to be just that.
 
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