The $60m sale of THQ to investor Clearlake is a new start for the company, the publisher’s president has said.
Speaking on the news last night that THQ had filed for bankruptcy and would be sold off, Jason Rubin said the investment being made would give the publisher the money it needs to keep development of its titles ongoing.
THQ has specifically filed through a Chapter 11 proceeding of the bankruptcy code, which Rubin said will mean the company can carry on without redundancies or project cancellations.
He compared the bankruptcy filing to other companies such as Skyfall and The Hobbit studio film MGM, Marvel Studios and General Motors, which also went through a Chapter 11 restructuring.
The publisher’s president also confirmed that the sale to Clearlake would include its four studios Relic, THQ Montreal, Vigil and Volition, THQ intellectual property, contracts and support staff.
“Clearlake is even providing the company the money it needs to keep working on the products as the process plays itself out,” said Rubin.
“And importantly, when the purchase is complete, Clearlake has committed to invest additional ample capital to let us finish the games we are making and continue making games going forward.
“In short, they are investing in a new start for our company.”
He added: “Rest assured that the goal throughout the sale process has been to preserve our teams and our products. So no matter what the outcome in 30 days, as long as we have accomplished this goal, I will be satisfied.
“Whatever happens, the teams and products look likely to end up together and in good hands. That means you can still pre-order Metro: Last Light, Company of Heroes 2, and South Park: The Stick of Truth. Our teams are still working on those titles as you read this, and all other rumoured titles, like the fourth Saints Row, the Homefront sequel, and a lot more are also still in the works.”