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:
United Kingdom 06/02

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.

Email Digg Facebook Twitter   Share More    


 

   Current Headlines
Life is Feudal: Forest Village Launches
Steam Top 10
Gatherings & Competitions
On Sale
Sunday Metaverse
Sunday Tech Bits
Game Reviews
Hardware Reviews
etc.
Out of the Blue
Free Weekend for Two VR Games
On Destiny 2 Networking
Dota 2 - The International 2017 Collector's Cache
New Street Fighter V Stage and CFN Next Week
Saturday Consolidation
Saturday Tech Bits
Saturday Safety Dance
Game Reviews
Hardware Reviews
Out of the Blue
  

 




Blue's News is a participant in Amazon Associates programs
and earns advertising fees by linking to Amazon.



footer

Blue's News logo