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Posted

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Shares of video game maker THQ (THQI) have been halted pending a news announcement. The stock had been down 16 cents, or almost 12%, at $1.22 before the halt.Update: THQ announced it has filed for bankruptcy, according to wire service headlines just now out.

Update 2: THQ has announced that it has "entered into an asset purchase agreement with a 'stalking horse bidder,' affiliates of Clearlake Capital Group L.P., to acquire substantially all of the assets of THQ's operating business, including THQ's four owned studios and games in development," and that it will file under Chapter 11 in U.S. Bankruptcy court in Deleware.

THQ's foreign operations, including in Canada, are not included in the filings, it said.

Clearlake, and Wells fargo, will provide $37.5 million worth of debtor-in-possession financing, and THQ will continue to operate its business without interruption during the sale period, it said.

THQ shares are indicated to resume trading at 2:25 pm, Eastern time.

Update 3: THQ shares have resumed trading and are down 78 cents, or 57%, at 60 cents.

http://blogs.barrons...od=yahoobarrons

Posted

Called it ages ago when they had to sell off the rights to some games/close studios and their stock was hurtling through the floor.

The THQ Humble Bundle was their last ditch attempt to sell as much as possible cheaply to survive a few more months.

Could also explain why they've been so keen to promote DLC season passes (I'm guessing WWE '13 pack #3 won't ever get released now)

Posted

On the site that 78 cents has already been changed to a dollar.

Posted

.. as in, shares are worth a dollar less, instead of 78 less, so looking up for whoever buys them out. :shifty:

Posted

THQ will reportedly still operate as normal under its new buyer, with "game development to progress unhindered". Whether that turns out to be the case is another matter, of course.

Also, as much of a soft spot as I have for Saints Row and WWE, the THQ-published title I'm most eagerly anticipating has to be South Park: The Stick of Truth.

Posted

THQ will reportedly still operate as normal under its new buyer, with "game development to progress unhindered". Whether that turns out to be the case is another matter, of course.

Also, as much of a soft spot as I have for Saints Row and WWE, the THQ-published title I'm most eagerly anticipating has to be South Park: The Stick of Truth.

Ding ding and ding. Can't wait for SoT to hit, though it's strange that WWE '13 has yet to really hit the $20 price point here in the States, despite it doing so repeatedly in international territories.

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