However, in order for this to take place, THQ needs to go through the motions of completing the Chapter 11 Bankruptcy code, which the company filed earlier today.
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.
The sale needs to be completed through a Chapter 11 proceeding of the Bankruptcy code, which we filed today. Given the intense speculation that we have experienced in recent weeks and months, this news probably isn’t that surprising.
But what does “Chapter 11” mean? What will happen to the games you are expecting? The series you love? And what about the people and teams that make them?
The most important thing to understand is that Chapter 11 does not mean the end of the THQ story or the end of the titles you love. Quite the opposite is true, actually.(...)
Whatever happens, the teams and products look likely to end up together and in good hands. That means you can still pre-order Metro: Last Light, Company of Heroes 2, and South Park: The Stick of Truth. Our teams are still working on those titles as you read this, and all other rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more are also still in the works.
Finally, you might be asking, why would THQ file for Chapter 11 right before the holiday season? Admittedly, the timing is unfortunate. But as we announced a few weeks ago, we have a January 15 deadline approaching for our bank funding. So if you work backwards to allow the necessary time to complete a sale, you end up at this week. Since all of THQ’s worldwide employees are off for a week and a half of paid vacation starting Friday for the holidays and will return to work on January 2nd, it hardly matters anyway.
In short, they are investing in a new start for our company.
The sale needs to be completed through a Chapter 11 proceeding of the Bankruptcy code, which we filed today. Given the intense speculation that we have experienced in recent weeks and months, this news probably isn’t that surprising.
But what does “Chapter 11” mean? What will happen to the games you are expecting? The series you love? And what about the people and teams that make them?
The most important thing to understand is that Chapter 11 does not mean the end of the THQ story or the end of the titles you love. Quite the opposite is true, actually.(...)
Whatever happens, the teams and products look likely to end up together and in good hands. That means you can still pre-order Metro: Last Light, Company of Heroes 2, and South Park: The Stick of Truth. Our teams are still working on those titles as you read this, and all other rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more are also still in the works.
Finally, you might be asking, why would THQ file for Chapter 11 right before the holiday season? Admittedly, the timing is unfortunate. But as we announced a few weeks ago, we have a January 15 deadline approaching for our bank funding. So if you work backwards to allow the necessary time to complete a sale, you end up at this week. Since all of THQ’s worldwide employees are off for a week and a half of paid vacation starting Friday for the holidays and will return to work on January 2nd, it hardly matters anyway.
Feel free to read more from Jason Rubin and his sincere statements to the fans of the company.