In an official statement that was just posted to THQ.com, the game studio announced that it has filed for Chapter 11 bankruptcy and entered into an agreement with a “stalking horse bidder” to sell off all the assets of THQ’s operating business — including all video games currently in development (a lineup that includes Company of Heroes 2, Saints Row 4, South Park: The Stick of Truth and Metro Last Light).
Details on the deal are still emerging and the bidder is not yet known. [Update: Clearlake has been identified as the bidder and this statement claims that THQ has all the resources it needs to continue developing games with minimal or no interruption.] THQ owns four game studios and is believed to have a number of games currently in development.
THQ says that development on these games will continue and that its publishing business will continue to function “without interruption during the sale period.”
THQ president Jason Rubin, who only joined the company in May, says that THQ “[looks] forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels.”
Some gamers have commented on the news as marking the end of an era for video games. It’s possible the THQ will emerge from this ordeal with a new organizational structure and a more sound business model, but we could end up seeing some serious upheaval in the industry, with various games and licenses changing hands.