Author Topic: THQ files for bankruptcy protection, will sell off assets and games  (Read 4927 times)

Offline Preston786

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Game developer THQ has just announced that it has filed for Chapter 11 bankruptcy protection, and will be selling off its studios and games in development. According to THQ's press release, the company will continue daily operation as normal and it will be proceeding with developing all games currently in the pipeline. THQ also announced it had entered into an agreement with affiliates of Clearlake Capital Group, L.P. acting as a "stalking horse bidder" — basically, a company willing to enter a bid on a company in order to garner it a certain value in the marketplace. Clearwire has put forth approximately $60 million, and has asked the court to finalize the sale within the next month.

THQ makes clear that customers should see no changes due to the move, and that it will not be laying off any employees. The company has also secured commitments of around $37.5 million in financing from Wells Fargo and Clearlake to help it through the transition.

Chairman and CEO Brian Farrell said in the company's statement that "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."

President Jason Rubin added that "We have incredible, creative talent here at THQ. We look 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."

Update: THQ's Jason Rubin has posted a letter addressing the situation, writing that Clearlake is "investing in a new start for our company," and that the Chapter 11 filing "does not mean the end of the THQ story or the end of the titles you love." In an effort to tamp down any concern, Rubin even lists a number of well-known entities that have filed for Chapter 11 protection and come back to fight another day, including Macy's, General Motors, and Marvel Studios. After reiterating that the company's focus will continue to be on great games, he signs off with the reassurance that "I'm excited about the future and hope to have more to report soon."

Source: www.theverge.com


                  

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Offline TriniXaeno

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #1 on: December 20, 2012, 10:09:57 AM »
Didn't see this coming.

Big fan of THQ. Particularly, their WarHammer franchise.

Hope they turn the ship around soon.

Offline Preston786

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #2 on: December 20, 2012, 12:54:05 PM »
I was surprised as well I thought they were doing ok with the WWE franchise for consoles and saints row and the like for PC and warhammer

Sent via my HTC Raider™4G

                  

Offline phoenix31tt

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #3 on: December 20, 2012, 01:06:05 PM »
that explains the humber thq bundle right??

Offline Eroo

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #4 on: December 20, 2012, 01:51:12 PM »
They LOST a lot of money on the udraw for ps3 and 360.

On a side note I recently got Dawn of War 1 from the humble bundle and I must say I am really starting to get into it. It is hard though. I'm not sure if its because its different from most rts or if I'm just that lame but I'm only on mission 4 and I'm getting my ass handed to me.

I think the biggest thing for me was why were my units not firing on the enemy I'm right clicking on until I realized it doesn't work that way.

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #4 on: December 20, 2012, 01:51:12 PM »

Offline TriniXaeno

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #5 on: December 21, 2012, 12:11:29 AM »
lol, Warhammer was revolutionary. I LOVED that game.

Played way too much of it at release. Bought it for full price (we didn't have insane steam sales back then)

True story.....I never finished the campaign.

Just like with Starcraft, it was all about the multiplayer. Played maybe a thousand multiplayer matches. Human vs Human was where that game really shined.

Offline Arcmanov

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #7 on: January 24, 2013, 10:17:14 AM »
DE PHOQ...

hard times yes.

Offline TriniXaeno

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #8 on: January 24, 2013, 11:35:42 AM »
Not so sure about Sega with Warhammer. Sad times indeed.

This post from an employee @ Vigil really brings the point home:

Quote
My name is Ben Cureton, and I was the Lead Combat Designer at Vigil Games. I'm sitting at my desk among... what appears to be a warzone. The walls look bare. It's quiet.

The seats are empty.

We've all been on edge for the past couple months... and more so, the last couple weeks. I mean, I'm sure you can imagine what it's like to wonder if you will have a job tomorrow. Most of us here joked about it just to keep the mood light, but we all knew what could happen. Now I look around and I realize... it did happen.

Am I sad? Well yea. I've been in this industry for 20 years. Seriously. Two decades. I've been laid off more than once. It sucks every time. But am I sad I don't have a job? Not really... I'm sure I'll get another one eventually. I'm sad because it won't be THIS job. It won't be at Vigil. That's why I'm sad. The people I waged war with are no longer together. The people that I bled with, vented with, argued with (often times LOUDLY), and kicked back with... these people will never be together again in the same combination.

Not that it was perfect. But what is perfect? Did I like coming to work? Yes. Was I proud of the work that I did? Yes. More importantly, was I proud of the work that WE did? Absolutely. I knew, without a shadow of the doubt, that the project we were working on (Codenamed: Crawler) was going to blow people away. In fact, it DID blow people away. We did, in TWO months, what many companies haven't done in a year. The pride of knowing that no one was doing anything like us was so satisfying, it kept us coming to work and giving 100% every single day, even through the dark times.

... so maybe you can imagine what it feels like when you read the list of who bought what only to discover your name is not on the list. Why? Did we do something wrong? Were we not good enough? Were we not worth 'anything?' Imagine that.

Vigil was filled with people that I would put up against the best in the industry. People that made my work better, people that made me a better designer, and people that made me a better person. And now they are gone.

Their seats are empty.

It's OK, though. I guess this post makes it sound a bit melodramatic. Seriously... if you work in the video game industry you have to be resilient. Doing what you love often comes with a price - anyone who has been around for a while can tell you that. Today, that price has been paid. That being said, I'd still never dissuade anyone from following their dreams if their dream is to make video games. While it's not as romantic as it sounds, it's sure a hell of a lot of fun.

So don't cry for the people at Vigil. We made games for game players. I have no Horror stories from working here... only Honor stories. Through both praise and critiques alike, our goal was always to make a product as if we, ourselves, were the end-user. We may have gotten pushed and pulled in certain directions by forces out of our control, we were always in it to make games for game players. And that's what we did.

I can only hope that those spared from the other companies remain employed long into the future. There is not much worse than false hope, and these people deserve to continue making great games. You may not know their names, but they exist, and they bleed, sweat, and cry for your entertainment. I mean that honestly, with no negativity. They do it... no, WE do it... because we want you to have a good time.

In closing, I can only say thank you to the fans of Vigil games. Your support means more than you can imagine. Your feedback (both positive and negative) gave us long-lasting insight that we will all take with us, wherever we may go. You are the reason we made Darksiders 1 &2... and you are the reason we will continue to make games.

And with that... my seat is empty.


Ben Cureton
Lead Combat Designer
Vigil Games


P.S. This is no place for a horse.

http://www.neogaf.com/forum/showpost.php?p=46817540&postcount=325
« Last Edit: January 24, 2013, 01:14:45 PM by TriniWyatt »

Offline shivadee

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #9 on: March 09, 2013, 04:00:13 PM »
It's very easy for one's eyes to glaze over and just "do the work" when things like this happen. I was very passionate about CoD, I was passionate about Transformers. I put a lot of effort into both those titles. However, at the end of the day you ask yourself. Are they happy or are YOU happy?

I always remember why i got into games. ALWAYS remember your roots. What gave that spark in the first place. I was 9 years old and saw The Last Starfighter. Alex Rogan, the kid that beat the insurmountable odds in a game (and then reality) by trying and trying and trying until he succeeded.

I know I am happy with what I worked on.  But you can see over time from moving off a team to another, and another...and another (I've done this 4 times, this is my 5th) never knowing if you will work with them again, and kNOWING that team....the EXACT team will never exist again is enough to make one sad. GIve up maybe? Stop caring? It happens! You see it all the time.

We all start all vibrant and excited....end up all sad and just couldnt care less. The truth behind the curtain is raised and you never see games the same again. Not like you used to.

However. Some of us still press on. We stand infront that huge monster called time and try until we succeed. And so I stand infront that once again. Even this time. New company, new project. And I'll give it all I got......just like Alex Rogan did. Always remembering the line to instill confidence and epicness

Greetings, Starfighter. You have been recruited by the Star League to defend the Frontier against Xur and the Ko-dan armada.




« Last Edit: March 09, 2013, 08:24:35 PM by shivadee »

Offline TriniXaeno

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Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #10 on: March 10, 2013, 08:10:24 AM »
Well said.

The Last Starfighter

Epic movie right there

Carigamers

Re: THQ files for bankruptcy protection, will sell off assets and games
« Reply #10 on: March 10, 2013, 08:10:24 AM »

 


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