THQ Bankruptcy Framed As 'A New Start,' Court Pape
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Posted On: 12/30/2012 12:58:22 PM
THQ Bankruptcy Framed As 'A New Start,' Court Papers Reveal More Games
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Posted December 20, 2012 - By Adam Rosenberg
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In an unfortunate though not entirely unexpected move, THQ announced yesterday that it had filed for Chapter 11 bankruptcy. The company has been the victim of numerous financial hardships over the past 12 months and the bankruptcy filing positions it for rehabilitation. Investment group Clearlake Capital will acquire the business and most of its assets for $60 million.
THQ president Jason Rubin is projecting an upbeat attitude about the new development, describing it in a statement as "a new start for our company." Indeed, chapter 11 bankruptcy is meant to be a corrective measure. We'll have to wait and see how things go for THQ, but the forecast isn't quite as gloomy as the word "bankrupt" might suggest.
In related news, the bankruptcy filing also laid bare some facts about THQ's plans for the coming months and its projections for various games. The upcoming South Park: The Stick of Truth RPG from Obsidian Entertainment is expected to sell just north of 3.1 million copies, for example.
More interesting than the forecast, which you can check out in full at GamesIndustry International (or in the 62 page court filing), is word of a handful of unannounced or previously rumored titles. Vigil, the studio behind Darksiders, is working on a project with the working title of Crawler. Then there's Company of Heroes dev Relic, whose in-development project Atlas is scheduled for 2014.
Also in the mix is the somewhat confirmed project from Left 4 Dead dev Turtle Rock Studios, called Evolve, and a THQ Montreal project referred to as 1666. That's all in the future though. For now, THQ still seems to be on track for its confirmed 2013 releases. Rubin said as much himself on Twitter, speaking for South Park, Metro: Last Light, and Company of Heroes 2.
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Leave a Comment
Posted December 20, 2012 - By Adam Rosenberg
StumbleUpon
0
In an unfortunate though not entirely unexpected move, THQ announced yesterday that it had filed for Chapter 11 bankruptcy. The company has been the victim of numerous financial hardships over the past 12 months and the bankruptcy filing positions it for rehabilitation. Investment group Clearlake Capital will acquire the business and most of its assets for $60 million.
THQ president Jason Rubin is projecting an upbeat attitude about the new development, describing it in a statement as "a new start for our company." Indeed, chapter 11 bankruptcy is meant to be a corrective measure. We'll have to wait and see how things go for THQ, but the forecast isn't quite as gloomy as the word "bankrupt" might suggest.
In related news, the bankruptcy filing also laid bare some facts about THQ's plans for the coming months and its projections for various games. The upcoming South Park: The Stick of Truth RPG from Obsidian Entertainment is expected to sell just north of 3.1 million copies, for example.
More interesting than the forecast, which you can check out in full at GamesIndustry International (or in the 62 page court filing), is word of a handful of unannounced or previously rumored titles. Vigil, the studio behind Darksiders, is working on a project with the working title of Crawler. Then there's Company of Heroes dev Relic, whose in-development project Atlas is scheduled for 2014.
Also in the mix is the somewhat confirmed project from Left 4 Dead dev Turtle Rock Studios, called Evolve, and a THQ Montreal project referred to as 1666. That's all in the future though. For now, THQ still seems to be on track for its confirmed 2013 releases. Rubin said as much himself on Twitter, speaking for South Park, Metro: Last Light, and Company of Heroes 2.
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