THQ files for bankruptcy.

[Dan]

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

[Maxx]

So which of the giants will be eating them?

[Ruki]

My guess? EA.

But 60 cents a share? That's a bargain!

[King Ellis]

Ruki to become THQ's majority shareholder!

[Ruki]

It's true!

[Crybaby Bunting]

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)

[EddieG]

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

[Meacon Keaton]

Things are looking up, then!

[EddieG]

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

[King Ellis]

They heard the Ruki rumours.

[Herr Matzat]

I want a humble lets buy thq bundle

[Dan]

They've been flogging the latest WWE game for £17.99 only a month or so after it's release too.

[apsham]

This was only a matter of time.. it's a damn shame too because the company has put out some great titles over the years. Hopefully their properties find some decent homes.

[Ruki]

Where is Saints Row going to end up?

[apsham]

Rockstar

[Nick Adams]

Nah, I say it ends up with Lucas (AKA Disney), just for the lulz.

[Bobfoc]

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.

[thatshortguy]

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.

[apsham]

When I was working at EB, I noticed that the WWE yearly games very, very rarely went down in price. Even in sales.

[Robsturgh]

Yeah, prices over here have hit Rock Bottom.