The company's president explains just how the bankruptcy procedure will happen
THQ president Jason Rubin has talked about the company's bankruptcy, which was made public earlier this week, and explained in simple terms just what the procedure means and how it will allow the company and its internal studios to continue working on the games they already have in development.THQ was in a dire financial situation for the better part of the year, as after a series of bad investments, the publisher was forced to make some serious cuts and layoffs.
The company then confirmed this week that it's filing for Chapter 11 bankruptcy and that it has a buyer lined up, in the form of Clearlake Capital.
THQ president Jason Rubin has now posted an open letter on the THQ website to fans explaining the whole situation.
"THQ announced that it has secured an investor, a private equity firm named Clearlake Capital Group, who is interested in purchasing most of what you think makes up THQ: the teams that make the games (Relic, THQ Montreal, Vigil and Volition), THQ's Intellectual Property (titles, source code, etc.), THQ's contracts (like the ones with Crytek, South Park Digital Studios, 4A games, Obsidian, and Turtle Rock) and the support staff that are required to help the teams succeed," he said.
"In fact, Clearlake is even providing the company the money it needs to keep working on the products as the process plays itself out. 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."
Other companies can still invest in THQ if they make a better offer than Clearlake and, no matter what, Rubin emphasizes that the upcoming games from the publisher and its internal studios or external partners will still be made.
"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 rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more are also still in the works. In short, the teams will be unburdened by the past and able to focus on what they should be focusing on—Making great games."
THQ's bankruptcy procedure will end next month, when a buyer is officially announced.