Send News. Want a reply? Read this. More in the FAQ.   News Forum - All Forums - Mobile - PDA - RSS Headlines  RSS Headlines   Twitter  Twitter
Customize
User Settings
Styles:
LAN Parties
Upcoming one-time events:

Regularly scheduled events

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.

View
38 Replies. 2 pages. Viewing page 2.
< Newer [ 1 2 ] Older >

18. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 16:23 nin
 
Hump wrote on Dec 19, 2012, 16:16:
Rigs wrote on Dec 19, 2012, 15:52:
So...umm, where'd all that bundle money go?

Plus, if they were to give Volition permission to go ahead with Freespace3, they'd be rollin' in it in no time! (Yes, I live in a fantasy world, doesn't everyone?)



=-Rigs-=

I believe they only netted around 5 million all told.


But we don't know how much of that went to charity.

 
http://store.nin.com/index.php?cPath=10
Reply Quote Edit Delete Report
 
17. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 16:18 Verno
 
Clearwater is a company who turns around companies that are struggling and sells them for profit later on so this could end up being a good thing, people should stay optimistic. It would be worse if they didn't want half of the company and were cherry picking IP to sell. This just means THQ divests some debt and gets to keep going.  
Avatar 51617
 
Playing: Dragon Age Inquisition, Far Cry 4, This War of Mine
Watching: The Fall, The Walking Dead, Leon
Reply Quote Edit Delete Report
 
16. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 16:16 Hump
 
Rigs wrote on Dec 19, 2012, 15:52:
So...umm, where'd all that bundle money go?

Plus, if they were to give Volition permission to go ahead with Freespace3, they'd be rollin' in it in no time! (Yes, I live in a fantasy world, doesn't everyone?)



=-Rigs-=

I believe they only netted around 5 million all told.
 
Avatar 10137
 
----------------------------------------------------------------------
"Both the “left” and the “right” pretend they have the answer, but they are mere flippers on the same thalidomide baby, and the truth is that neither side has a clue."

- Jim Goad
Reply Quote Edit Delete Report
 
15. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 16:15 deqer
 
Sad to see.

Wasn't THQ the people behind Supreme Commander 2? They purchased the license for Supreme Commander and made/released SC2. Although many prefer SC1, SC2 is still a nice game with great music.

It's just sad to see.

They tried to work with Supreme Commander franchise by purchasing license and releasing new title, but it didn't really fly.
 
Reply Quote Edit Delete Report
 
14. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 16:10 Rigs
 
RollinThundr wrote on Dec 19, 2012, 16:04:
Rigs wrote on Dec 19, 2012, 15:52:
So...umm, where'd all that bundle money go?

Plus, if they were to give Volition permission to go ahead with Freespace3, they'd be rollin' in it in no time! (Yes, I live in a fantasy world, doesn't everyone?)



=-Rigs-=

The smoldering ashes of Interplay still retain the rights to Descent and Descent Freespace.

BLASTED! Foiled again!


=-Rigs-=
 
Avatar 14292
 
'Who am I?...I am the right hand of vengeance and the boot that is going to kick your sorry ass all the way back to Earth, sweetheart! I am death incarnate, and the last living thing that you are EVER going to see. GOD sent me.'
Reply Quote Edit Delete Report
 
13. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 16:07 Kajetan
 
Beamer wrote on Dec 19, 2012, 15:54:
To keep them afloat for the next few months.
Do you KNOW that or are you just guessing like everyone else? This money could also be used to pay a management bonus, because they did so well in managing the transition to Chapter 11.
 
Reply Quote Edit Delete Report
 
12. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 16:04 RollinThundr
 
Rigs wrote on Dec 19, 2012, 15:52:
So...umm, where'd all that bundle money go?

Plus, if they were to give Volition permission to go ahead with Freespace3, they'd be rollin' in it in no time! (Yes, I live in a fantasy world, doesn't everyone?)



=-Rigs-=

The smoldering ashes of Interplay still retain the rights to Descent and Descent Freespace.
 
Reply Quote Edit Delete Report
 
11. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:59 theyarecomingforyou
 
I think everybody saw this coming. Hopefully the decent IP they have will find its way to decent publishers.  
Avatar 22891
 
SteamID: theyarecomingforyou
Star Citizen: Blue's News
Reply Quote Edit Delete Report
 
10. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:54 Beamer
 
Rigs wrote on Dec 19, 2012, 15:52:
So...umm, where'd all that bundle money go?

Plus, if they were to give Volition permission to go ahead with Freespace3, they'd be rollin' in it in no time! (Yes, I live in a fantasy world, doesn't everyone?)



=-Rigs-=

To keep them afloat for the next few months.
 
-------------
Music for the discerning:
http://www.deathwishinc.com
http://www.hydrahead.com
http://www.painkillerrecords.com
Reply Quote Edit Delete Report
 
9. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:52 Rigs
 
So...umm, where'd all that bundle money go?

Plus, if they were to give Volition permission to go ahead with Freespace3, they'd be rollin' in it in no time! (Yes, I live in a fantasy world, doesn't everyone?)



=-Rigs-=
 
Avatar 14292
 
'Who am I?...I am the right hand of vengeance and the boot that is going to kick your sorry ass all the way back to Earth, sweetheart! I am death incarnate, and the last living thing that you are EVER going to see. GOD sent me.'
Reply Quote Edit Delete Report
 
8. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:47 Beamer
 
Creston wrote on Dec 19, 2012, 15:33:
Can someone explain what's entailed in a Section 363 sale process?

Is there any chance of them continuing the way they have been, at all? I'd hate to see Saints Row go under...

Creston

A separate entity buys the rights to auction the company, in essence. THQ is somewhere along the lines of an $8 million dollar company. The rights to auction it were purchased for $60 million, so clearly people think it has value. If no one bids $60 million Clearwater gets THQ. If anyone bids more Clearwater gets a commission on that. That $60 million includes $10 million to debtors, but otherwise it's a sale of assets and not debts.

THQs goal is to still exist. Their stock is going to be delisted, but they fully expect to still exist. They're looking for someone larger to purchase them and keep them going. THQ has zero value to anyone not looking to do a video game company, so they'd stick around in some form. If you're in the home office, you should fear for your job. If you're in Volition you should fear what happens if a sale takes too long and cash runs out, but otherwise you have a future.

But what will ultimately happen if this is successful is that someone will own THQs value but not most of their debt (some of their purchase goes to that debt.) This leaves THQs only overhead being things like salaries and occupancy. They're mostly a healthy company like that, which is why they're doing this, but they saw no way to get out on their own.
 
-------------
Music for the discerning:
http://www.deathwishinc.com
http://www.hydrahead.com
http://www.painkillerrecords.com
Reply Quote Edit Delete Report
 
7. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:39 netnerd85
 
nin wrote on Dec 19, 2012, 15:37:
Cutter wrote on Dec 19, 2012, 15:31:
Yes, but the only important issue is what's going to become of the Saints Row IP?


SOMEBODY SAVE THE SAINTS!!!!!!!!!


Indeed, and Red Faction - they go together!
 
Reply Quote Edit Delete Report
 
6. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:39 Kosh401
 
Of most importance to me is what happens to Relic and Company of Heroes! And the Homeworld IP, which THQ reacquired a while ago (the series was developed by Relic, before THQ bought them).



EDIT:

"The companys foreign operations, including Canada, are not included in the filings."
Source


Looks like Relic isn't included (for now, at least) as they are a Canadian company.

This comment was edited on Dec 19, 2012, 16:42.
 
Reply Quote Edit Delete Report
 
5. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:37 nin
 
Cutter wrote on Dec 19, 2012, 15:31:
Yes, but the only important issue is what's going to become of the Saints Row IP?


SOMEBODY SAVE THE SAINTS!!!!!!!!!


 
http://store.nin.com/index.php?cPath=10
Reply Quote Edit Delete Report
 
4. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:33 Creston
 
Can someone explain what's entailed in a Section 363 sale process?

Is there any chance of them continuing the way they have been, at all? I'd hate to see Saints Row go under...

Creston
 
Avatar 15604
 
Reply Quote Edit Delete Report
 
3. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:32 Armengar
 
bet THQ games will be going for a song then during the sale. also, odd question but what happens to games on steam from companies that go out of business? Do you retain use of them? Do companies need to pay "rent" to steam over time?  
Its not the cough that carries you off but the coffin they carry you off in.
Reply Quote Edit Delete Report
 
2. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:31 Cutter
 
Yes, but the only important issue is what's going to become of the Saints Row IP?
 
Avatar 25394
 
"Bye weeks? Bronko Nagurski didn't get no bye weeks, and now he's dead… Well, maybe they're a good thing." - Moe
Reply Quote Edit Delete Report
 
1. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 15:28 ASeven
 
Called this a year ago. A shame but in my opinion a sample of what is to come to the industry if they don't change their business models fast.

Their stocks are plunging 70% as well.
 
Reply Quote Edit Delete Report
 
38 Replies. 2 pages. Viewing page 2.
< Newer [ 1 2 ] Older >


footer

Blue's News logo