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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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35. Re: THQ Files for Chapter 11; Plans Sale Dec 19, 2012, 19:18 Slashman
 
Dev wrote on Dec 19, 2012, 19:13:
Beamer wrote on Dec 19, 2012, 16:31:
Do the execs want to get paid for doing a good job here? Yes. Yes they do. But they're not dumb enough to take money out of the coffers when they're struggling to stay alive at a time that they know that being bought out will mean even more money for them.
And yet, thats pretty much exactly what the Caen bros did with Interplay's corpse. Essentially, they got more in bonuses than fallout online got in dev funds during the years they pretended to do something with it, so they wouldn't forfeit the IP to beth per the contract. I checked Interplay's financial statements for those years, and that was pretty obvious.

If they had instead used all that money to do actual substantial development, they might have had a leg to stand on and keep the MMO IP, and perhaps even get it released and made money off of it.

Now I doubt anything like that will happen with THQ, but my point is, greed can be very stupid and outweigh any logical thought.

Dude...he totally needed that third Ferrari!!
 
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    Date Subject Author
  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
  2. Dec 19, 15:31 Re: THQ Files for Chapter 11; Plans Sale Cutter
  5. Dec 19, 15:37  Re: THQ Files for Chapter 11; Plans Sale nin
  7. Dec 19, 15:39   Re: THQ Files for Chapter 11; Plans Sale netnerd85
  36. Dec 19, 19:38  Re: THQ Files for Chapter 11; Plans Sale cronik
  4. Dec 19, 15:33 Re: THQ Files for Chapter 11; Plans Sale Creston
  8. Dec 19, 15:47  Re: THQ Files for Chapter 11; Plans Sale Beamer
  9. Dec 19, 15:52   Re: THQ Files for Chapter 11; Plans Sale Rigs
  10. Dec 19, 15:54    Re: THQ Files for Chapter 11; Plans Sale Beamer
  13. Dec 19, 16:07     Re: THQ Files for Chapter 11; Plans Sale Kajetan
  20. Dec 19, 16:31      Re: THQ Files for Chapter 11; Plans Sale Beamer
  26. Dec 19, 17:23       Re: THQ Files for Chapter 11; Plans Sale Kajetan
  27. Dec 19, 17:48        Re: THQ Files for Chapter 11; Plans Sale Prez
  31. Dec 19, 18:06         Re: THQ Files for Chapter 11; Plans Sale SlimRam
  34. Dec 19, 19:13       Re: THQ Files for Chapter 11; Plans Sale Dev
>> 35. Dec 19, 19:18        Re: THQ Files for Chapter 11; Plans Sale Slashman
  12. Dec 19, 16:04    Re: THQ Files for Chapter 11; Plans Sale RollinThundr
  14. Dec 19, 16:10     Re: THQ Files for Chapter 11; Plans Sale Rigs
  29. Dec 19, 18:05      Re: THQ Files for Chapter 11; Plans Sale Flatline
  16. Dec 19, 16:16    Re: THQ Files for Chapter 11; Plans Sale Hump
  18. Dec 19, 16:23     Re: THQ Files for Chapter 11; Plans Sale nin
  19. Dec 19, 16:26   Re: THQ Files for Chapter 11; Plans Sale Creston
  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
  11. Dec 19, 15:59 Re: THQ Files for Chapter 11; Plans Sale theyarecomingforyou
  15. Dec 19, 16:15 Re: THQ Files for Chapter 11; Plans Sale deqer
  17. Dec 19, 16:18 Re: THQ Files for Chapter 11; Plans Sale Verno
  21. Dec 19, 16:36 Re: THQ Files for Chapter 11; Plans Sale ViRGE
  22. Dec 19, 17:02  Re: THQ Files for Chapter 11; Plans Sale Beamer
  23. Dec 19, 17:09   Re: THQ Files for Chapter 11; Plans Sale zombiefan
  24. Dec 19, 17:19    Re: THQ Files for Chapter 11; Plans Sale Slashman
  25. Dec 19, 17:23     Re: THQ Files for Chapter 11; Plans Sale Rhino
  30. Dec 19, 18:06      Re: THQ Files for Chapter 11; Plans Sale Jivaro
  33. Dec 19, 18:16       Re: THQ Files for Chapter 11; Plans Sale nin
  28. Dec 19, 18:02 Re: THQ Files for Chapter 11; Plans Sale DangerDog
  32. Dec 19, 18:11 Re: THQ Files for Chapter 11; Plans Sale xXBatmanXx


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