Saints Row and Darksiders publisher THQ has filed for a Chapter 11 bankruptcy today, the company announced.
THQ's four owned studios and games in development - Metro: Last Light, Company of Heroes 2, South Park: The Stick of Truth, and the Saints Row title formerly known as Enter the Dominatrix - are still moving forward under the new ownership of Clearlake Capital Group, a company that's buying out THQ's assets for $60 million.
The publisher will still operate under its new owners and THQ noted that it "does not intend to reduce its workforce as a result of the filing, and employees will continue to work their usual schedules and receive normal compensation and benefits, pending customary 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 THQ CEO Brian Farrell.
We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible.
Former Naughty Dog producer and THQ president Jason Rubin added, 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.
THQ's NASDAQ listing is expected to expire in nine days, as is customary for Chapter 11 filings.
Prior to this the publisher raised over $5 million in a scant two weeks due to its ridiculously cheap THQ Humble bundle.