THQ Investing in "a New Start For Our Company"
Chapter 11 is good news says THQ's Jason Rubin
As we've kept saying, filing for Chapter 11 in the USA does not mean a company has gone into bankruptcy. It means protection from this, enabling the company to restructure and ideally escape the fate. This is very much in the mind of THQ's top man Jason Rubin in a recent communication.
The company is facing tough times, that's for sure - we covered that here and here. However, Rubin is upbeat in a message sent "To our global gaming community" following the CH11 news.
He lays it out like this:
"Today THQ announced that it has secured an investor, a private equity firm named Clearlake Capital Group, who is interested in purchasing most of what you think makes up THQ: the teams that make the games (Relic, THQ Montreal, Vigil and Volition), THQ’s Intellectual Property (titles, source code, etc.), THQ’s contracts (like the ones with Crytek, South Park Digital Studios, 4A games, Obsidian, and Turtle Rock) and the support staff that are required to help the teams succeed.
"In fact, Clearlake is even providing the company the money it needs to keep working on the products as the process plays itself out. And importantly, when the purchase is complete, Clearlake has committed to invest additional ample capital to let us finish the games we are making and continue making games going forward.
"In short, they are investing in a new start for our company."
Read the full letter here.
The company is facing tough times, that's for sure - we covered that here and here. However, Rubin is upbeat in a message sent "To our global gaming community" following the CH11 news.
He lays it out like this:
"Today THQ announced that it has secured an investor, a private equity firm named Clearlake Capital Group, who is interested in purchasing most of what you think makes up THQ: the teams that make the games (Relic, THQ Montreal, Vigil and Volition), THQ’s Intellectual Property (titles, source code, etc.), THQ’s contracts (like the ones with Crytek, South Park Digital Studios, 4A games, Obsidian, and Turtle Rock) and the support staff that are required to help the teams succeed.
"In fact, Clearlake is even providing the company the money it needs to keep working on the products as the process plays itself out. And importantly, when the purchase is complete, Clearlake has committed to invest additional ample capital to let us finish the games we are making and continue making games going forward.
"In short, they are investing in a new start for our company."
Read the full letter here.
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