THQ files for bankruptcy

[Syt]

Shame, really. If they were to go completely under, what other publisher would release games like Saints Row 3, Metro 2033 or Darksiders?

http://www.rockpapershotgun.com/2012/12/19/thq-filing-for-bankruptcy-selling-off-assets/

Oh boy. Remember how things haven't been going so hot for THQ lately? If you've somehow forgotten, do you remember your name or any key facts about yourself? Have you hit your head or recently traveled forward to this time period? Are you an amnesiac, infant, or ghost? AT ANY RATE, we've finally reached the expected conclusion of this rather depressing series of events, but – as ever – there's a twist. In spite of how the word "bankrupt" – which is derived from the root "bank account ruptured and screamed in agony as warm monetary lifeblood erupted from its depleted tubules" – often connotates, THQ isn't doomed yet. Instead, it's merely employed some tricksy business maneuvers to dodge an avalanche of debt. For now, though, your favorite game series are safe.


In short, the Chapter 11 bankruptcy's only one element of a larger deal with a "stalking horse bidder" called Clearlake Capital Group. In addition to making me desperately curious about the people who come up with the names for business terms, this means that THQ essentially tried to drive up the price on initial bids for, er, itself. When no other competitors surfaced, however, Clearlake won by default, purchasing the beleaguered publisher for $60 million.

What does this mean for the likes of Metro: Last Light, Company of Heroes 2, Saints Row 4, Homefront 2, and South Park, though? Well, for the time being, pretty much nothing.

"THQ will continue operating its business without interruption during the sale period, subject to Court approval of THQ's first-day motions. All of the company's studios remain open, and all development teams continue. The company remains confident in its existing pipeline of games. THQ maintains relationships with some of the top independent development studios around the globe. As part of the sale, the company is seeking approval to assume the contracts of these studios, and Clearlake will assume these contracts."

"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."

In other words, THQ's not going anywhere just yet. Instead, it's buying some more time by being bought – in hopes that its formidable force of heavy hitters will eventually swoop in and save the day. Meanwhile, the official filings for all of this business revealed titles for four unannounced games: Vigil's "Crawler," Turtle Rock's (they of the original Left 4 Dead) "Evolve," Relic's "Atlas," and Assassin's Creed creator Patrice Desilets' "1666." Evidently, then, THQ's hardly treating this like a dead end.

And certainly, other companies have navigated the choppy waters of bankruptcy before and returned stronger than ever. But others, well, haven't (hiya, Midway Games), so THQ's still treading on thin ice. As always, fingers crossed. It's tough to say whether or not the publisher's still circling the drain, but regardless, it's got quite a bit of climbing to do before it's free and clear.

[Razgovory]

That is a shame.  I do hope that Company of Heroes 2 is published.  I've seen a lot of big names in the industry go down.  Hopefully this won't be another one.

[viper37]

CoH2 will likely get published.  The other games will probably be sold to some other developper/publisher, more lay-offs are to be expected and we will see a 'new' THQ as a small, lean machine with only one or two products.

[Razgovory]

Like Interplay?  Interplay became so lean I'm unsure if it's alive or dead.

[viper37]

Like Interplay?  Interplay became so lean I'm unsure if it's alive or dead.

Yep.  Something like that.

[Razgovory]

Like Interplay?  Interplay became so lean I'm unsure if it's alive or dead.

Yep.  Something like that.

Yeah, that's depressing.   I'm always disappointed when a major game company goes under, and I've seen quite a few.  Interplay (which I checked now has 8 employees), Sierra, Westwood, SSI...  I guess there is a lot of turnover in that industry.

[Scipio]

THQ is a sure fire fuck up factory.  They have great IP and developers, and they are just clueless.

[viper37]

In the end, it was dismantled.  Sad to see it going under like that.
http://ca.ign.com/articles/2013/01/23/thq-dissolved-saints-row-company-of-heroes-darksiders-devs-acquired

[DontSayBanana]

WWE games becoming a 2K studios sports game.

I don't even like wrestling, and I feel sorry for them.  Ubisoft's purchase sounds like they're engaging in some reunification and hedging some of their bets.  SEGA taking on Relic made me squee.

[Crazy_Ivan80]

Apparently Koch Media is also the publisher of the X-series... so I wonder if there's a new chance for Freespace 3 (Volition), even if it is remotely small.
They'd probably fuck it up though...

[Syt]

WWE games becoming a 2K studios sports game.

Could be good, could be bad. I mean, their basketball game is supposedly incredible, while their baseball franchise is mediocre.