Friday, July 25, 2014





Game maker THQ files for bankruptcy


February 19. 2013 10:51PM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Struggling video game company THQ Inc. said Wednesday that it has filed for Chapter 11 bankruptcy protection and is selling its business.


The Agoura Hills, Calif., company said investment firm Clearlake Capital Group has put in a $60 million stalking horse bid for its operations, which include four development studios and games in currently in development. The process allows others to come forward and place higher bids.


THQ said it plans to continue running its business as it moves through the sale, keeping studios open and continuing to develop games. It said it has secured $37.5 million in financing from Wells Fargo and Clearlake, pending court approval.


The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ's deep bench of talent, said Brian Farrell, the company's chairman and CEO.


THQ's games include Saints Row: The Third and UFC Undisputed 3. It has struggled to keep up with rival game developers such as Electronic Arts Inc. and Activision Blizzard Inc., which are much larger and have better-received games. The video-game industry itself is facing difficulties as consumers turn to mobile and online games instead of expensive packaged titles.


THQ said its foreign operations are not included in the bankruptcy filing.


Shares of THQ plunged $1.02, or 74 percent, to close at 36 cents on Wednesday.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds