THQ announced they are pursuing Chapter 11 bankruptcy, with a deal announced with Clearlake Capital Group that will see the firm act as a "stalking horse bidder" for the publisher for $60 million. Companies have 30 days to submit another bid, and the sale will finalize if none do so.
Pending court approval, THQ has said it will continue to operate as normal with no layoffs. THQ's four studios will continue to operate and its employees will continue to be paid.
The bankruptcy will allow THQ to discard certain obligations with debt and hopefully put them on firmer financial ground when it is done. THQ has also obtained financing commitments of about $37.5 million from Wells Fargo.