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Old 12-19-2012, 04:00 PM   #1
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THQ Files For Bankruptcy
Quote:
Originally Posted by Eurogamer.net

THQ files for bankruptcy
Has found a buyer. Game development to progress unhindered.


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.
http://www.eurogamer.net/articles/20...for-bankruptcy


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Old 12-19-2012, 04:01 PM   #2
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Yes thank you, I do not like them.
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Old 12-19-2012, 04:29 PM   #3
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Oh well... I guess WWE 14 may be a no go...
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Old 12-19-2012, 04:40 PM   #4
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Oh well... I guess WWE 14 may be a no go...
Could of sworn it was already said THQ wasn't going to be doing the next game...
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Old 12-19-2012, 04:41 PM   #5
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not a huge surprise considering how bad of a financial shape they were in. Don't think they even had enough money to work on a single big project for next year.

After Darkjsiders II bombed in terms of revenue making, they literally were down to whatever WWE 13 made in money to fund everything else for next year. All other big projects either were delayed or cancelled because of money problems.
Last edited by Emperor Smeat; 12-19-2012 at 05:11 PM.
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Old 12-19-2012, 09:15 PM   #6
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Old 12-19-2012, 09:16 PM   #7
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Fuck 'em. This is how business is supposed to work. You make shit games and shit decisions, and shit happens.
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Old 12-19-2012, 09:59 PM   #8
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Fuck 'em. This is how business is supposed to work. You make shit games and shit decisions, and shit happens.
Hated how they made the WWE games worse on the PS2 every year.
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Old 12-21-2012, 07:08 AM   #9
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Fuck 'em. This is how business is supposed to work. You make shit games and shit decisions, and shit happens.
Am I the only one who sees the irony here?
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Old 12-20-2012, 10:06 PM   #10
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According to the filing THQ sent, they owe the WWE $45 million and supposedly Vince is furious that there is good chance the WWE won't get that money back.

WWE also had to send a press release to reassure their own stockholders that THQ's mess won't affect their own finances. Also are currently considering other options should THQ not be able to make the next WWE game.

http://www.bloomberg.com/news/2012-1...-cfo-quit.html
http://www.cagesideseats.com/2012/12...cmahon-furious
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Old 12-21-2012, 08:33 AM   #11
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Quote:
Originally Posted by Smelly Meatball View Post
According to the filing THQ sent, they owe the WWE $45 million and supposedly Vince is furious that there is good chance the WWE won't get that money back.
Dirt Sheets: NUCLEAR HEAT on THQ
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Old 12-21-2012, 10:03 AM   #12
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Quote:
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If you buy out a company's assets you also inherit their debts. WWE should be able to get that money. At least I think they should. WWE had to pay off ECW's creditors to be able to use the name of the brand.
I don't know what happened with WWE/ECW, but there's a good chance WWE won't see that money.

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Dirt Sheets: NUCLEAR HEAT on THQ
CM Punk still i ndog house.
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Old 12-21-2012, 05:32 AM   #13
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Red face
Oh god. Can you imagine if WWE demand a game to come out in 2013 and it's not from THQ? That would be spectacularly bad.
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Old 12-25-2012, 12:37 PM   #14
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Oh god. Can you imagine if WWE demand a game to come out in 2013 and it's not from THQ? That would be spectacularly bad.
Not if EA got the rights.
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Old 12-25-2012, 02:06 PM   #15
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Not if EA got the rights.
lol
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Old 12-25-2012, 03:14 PM   #16
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Not if EA got the rights.
From the makers of WCW Backstage Assault.....
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Old 12-27-2012, 01:44 PM   #17
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Not if EA got the rights.
Yeah, I don't want EA anywhere near a WWE game.

Ever.
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Old 12-27-2012, 01:45 PM   #18
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Ubisoft, eh?

Interesting.
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Old 12-21-2012, 06:29 AM   #19
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If you buy out a company's assets you also inherit their debts. WWE should be able to get that money. At least I think they should. WWE had to pay off ECW's creditors to be able to use the name of the brand.
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Old 12-25-2012, 06:02 PM   #20
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And NBA Live
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Old 12-27-2012, 01:39 PM   #21
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Quote:
Regarding the THQ bankruptcy, WWE is claiming it is owed $45 million. That number is what the company would be own based on the length and terms of the contract and guarantees. They are not owed $45 million in back royalties at this point, although they are owed millions in back royalties for the current WWE 13 game. They also owe Yukes, the company that made the game, $17.8 million. Exactly what happens from here is unknown. It depends on a lot of factors. If WWE isn’t paid, they could declare it a breach of contract. It is known that Ubisoft is interested in purchasing THQ and does want to continue with the annual WWE game, but then they would have to work out something regarding at least the back royalties owed.
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Old 12-27-2012, 03:09 PM   #22
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Love ubisoft.
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Old 12-27-2012, 03:12 PM   #23
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Well if Ubisoft gets the rights, and WWE signs back JoMo, they have their next Assassin's Creed lead.
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Old 12-27-2012, 05:16 PM   #24
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Ubisoft is only rumoured to be interested and only in certain properties. I'm not sure anyone's likely to take over the full company in the future.
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Old 12-28-2012, 08:36 AM   #25
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Quote:
Originally Posted by 411mania
According to WWEGaming.com, despite THQ filing for bankruptcy the studio will develop and release WWE '14 as planned. The company began development for the game back in October and in the filing papers that were submitted for Chapter 11 bankruptcy, their project development budget does have sufficient money allocated for development and release of the game.

Details on the game have not yet been released, including theme or release date.
http://www.411mania.com/wrestling/ne...ter-Update.htm
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Old 12-28-2012, 12:03 PM   #26
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I imagine they will try and make it as awesome as possible since it will likely be THQ's swan song and a chance to make a splash with potential companies to hire them to continue the franchise instead of starting a new one.
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Old 12-28-2012, 12:20 PM   #27
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Or they'll just go "fuck it", and reskin WCW Thunder.
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Old 01-06-2013, 03:52 PM   #28
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THQ sale to Clearlake Capital Group ended up getting blocked and none of the other rumored buyers are willing to purchase THQ like CCG was. Also means THQ is currently out of the $60 million they would have received had the deal been approved.

Quote:
How did this happen? Well, according to Businessweek, a US trustee and a few THQ investors/creditors raised an object to the deal because the window given to place their bids on their desired assists was too short. So they took the case to court and they won. As a result, the sale is blocked (for now) and the bidding window has been increased by three weeks. However, judge Mary F. Walrath also ruled that there will be a second hearing on Monday and said, "In the meantime I think the parties need to talk."

In related news, Distressed Debt Investing reported (via a series of tweets) that Centerview Partners banker Sam Greene has testified that there are five buyers currently going through the proper due diligence to potentially buy the publisher’s rights to various franchises. One of the buyers is reported to be Warner Bros.
http://www.screwattack.com/news/thq%...ed-thq-assists
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Old 01-07-2013, 12:07 AM   #29
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People were suspicious this might be an inside deal.
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Old 01-07-2013, 11:10 AM   #30
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As long as we get Saints Row 4 I'll be happy.
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Old 01-07-2013, 05:09 PM   #31
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Auction set for January 22 after THQ settles with upset creditors/investors who caused the sale to Clearlake Capital Group to be blocked.

EA, Ubisoft, and Warner Bros expected to buy most of the IPs once the auction begins and EA still is the favorites for getting the WWE series.

http://www.giantbomb.com/news/looks-...f-anyway/4507/
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Old 01-07-2013, 11:48 PM   #32
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Quote:
Originally Posted by Smelly Meatball View Post
EA, Ubisoft, and Warner Bros expected to buy most of the IPs once the auction begins and EA still is the favorites for getting the WWE series.

http://www.giantbomb.com/news/looks-...f-anyway/4507/
I really hope EA doesn't get the WWE series.

Anyone but EA.
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Old 01-07-2013, 05:18 PM   #33
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Let's have a whip round and buy one of their unloved franchises. There has to be one that no-one else could possibly want.
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Old 01-07-2013, 06:05 PM   #34
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Quote:
Originally Posted by whiteyford View Post
As long as we get Saints Row 4 I'll be happy.
Saints Row 4 was already a given. You will be able to use superpowers to fight aliens or whatever.
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Old 01-08-2013, 09:33 AM   #35
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Quote:
Originally Posted by Kane Knight View Post
Saints Row 4 was already a given. You will be able to use superpowers to fight aliens or whatever.
Sold
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Old 01-08-2013, 06:21 PM   #36
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I'd be fine if EA Sports did it and they wouldn't even have to change the name of the series either as it goes along with all of their other franchises.
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Old 01-07-2013, 06:42 PM   #37
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I really hope EA doesn't end up with Saints Row...
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Old 01-07-2013, 11:22 PM   #38
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Quote:
Originally Posted by LoDownM View Post
I really hope EA doesn't end up with Saints Row...
Lateral move.
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Old 01-07-2013, 11:58 PM   #39
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I'd like a monkey wrench thrown in and have Rockstar try to buy the WWE license.
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Old 01-08-2013, 12:25 AM   #40
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Quote:
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I'd like a monkey wrench thrown in and have Rockstar try to buy the WWE license.
So it'd be five years between games and the controls would be horrible?
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