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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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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.
 
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  1. Dec 19, 15:28 Re: THQ Files for Chapter 11; Plans Sale ASeven
  3. Dec 19, 15:32  Re: THQ Files for Chapter 11; Plans Sale Armengar
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  9. Dec 19, 15:52   Re: THQ Files for Chapter 11; Plans Sale Rigs
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  26. Dec 19, 17:23       Re: THQ Files for Chapter 11; Plans Sale Kajetan
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  34. Dec 19, 19:13       Re: THQ Files for Chapter 11; Plans Sale Dev
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  37. Dec 19, 20:27   Re: More Big Picture Details HorrorScope
  38. Dec 21, 04:05    Re: More Big Picture Details InBlack
>> 6. Dec 19, 15:39 Re: THQ Files for Chapter 11; Plans Sale Kosh401
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  15. Dec 19, 16:15 Re: THQ Files for Chapter 11; Plans Sale deqer
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