THQ Files for Bankruptcy Protection

Brief announcement and investment firm bids for assets as company files for Chapter 11

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THQ Files for Bankruptcy Protection
Bad news for staff at troubled THQ pre-Xmas as the company has reportedly filed for Chapter 11 bankruptcy protection in the USA.

Reuters states that, "THQ has filed voluntary petitions under Chapter 11 in U.S. Bankruptcy Court for the District of Delaware to facilitate a sale of the assets of its operating business, including its four owned studios and games in development."

The assets, including unnamed gaming IP and physical property are already being bid for by the private investment firm Clearlake Capital Group, which currently features Jacuzzi, CompuDyne and SmartSand ("provider of industrial sand") in its portfolio.

Source: Reuters


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