THQ files for bankruptcy as it hands itself over to a new owner

Troubled game publisher THQ is handing itself over to a new owner. Clearlake Capital Group is fronting $60 million to acquire THQ's business, including its four development studios (Vigil, Relic, Volition and THQ Montreal) and all of its games currently in development. In order to facilitate the sale, THQ filed for Chapter 11 bankruptcy on Tuesday. THQ says that operations will resume as normal during the transition, should the bankruptcy court approve. "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," CEO Brian Farrell said in a statement. According to THQ, in addition to its internal studios, Clearlake plans on inheriting all of its existing contracts with outside developers. [Update: THQ has posted a reponse to the bankruptcy news, stating that the Clearlake deal isn't yet fully nailed down, as THQ is waiting to see if any other offers come in first. "Our Chapter 11 process allows for other bidders to make competing offers for THQ," says Jason Rubin, President of THQ. "So while we are extremely excited about the Clearlake opportunity, we won’t be able to say that the deal is done for a month or so."]