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THQ files for bankruptcy, but no game cancellations and layo

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Company executives hail "a new start", praises "deep bench of talent"

Debt-ridden THQ has filed for bankruptcy in the US to facilitate the sale of all its assets, studios and games in development to Clearlake Capital Group, L.P., for a possible $60 million. Don't flush your Metro: Last Light receipt down the toilet just yet, however - the company insists that all its games are still in production, and that it will continue to operate "without interruption throughout the sale period", subject to the approval of the U.S. Bankruptcy Court for the District of Delaware.... read more

THQ files for bankruptcy, but no game cancellations and layo

Postby OXM ETboy » 20 Dec 2012, 10:54

"Recently induced"

Hah hah hah hah I think that might be the most appalling typo I've ever typed.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby Grummy » 20 Dec 2012, 11:03

'I've ever been typed' is a fairly good one too.....

I lolled, I wonder if he was asked for comment during labour, or if they waited?
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Re: THQ files for bankruptcy, but no game cancellations and

Postby OXM ETboy » 20 Dec 2012, 11:08

Oh for ****'s sake.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby Grummy » 20 Dec 2012, 11:20

I'd lay off the babycham first thing in the morning old chum.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby DarthTwitch » 20 Dec 2012, 11:57

Ed's impeccable typing skills aside....

...Even though I haven't really played a game made by THQ in a while, I had absolutely loads of SNES and N64 THQ games. The Ren & Stimpy Show: Veediots!, Pit-Fighter, Mohawk & Headphone Jack, Destruction Derby 64, Road Rash 64... These games sucked, but back in the mid-nineties, to a 14-year-old simpleton, they were the dogs bollocks.

I salute you, THQ. You will be missed. Kind of.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby CunningSmile » 20 Dec 2012, 11:59

Had a quick double check on the Wall Street Journal website and they've filed for Chapter 11 bankruptcy. The whole process works a bit different in the States than over here and I'm far from an expert on American legalese but my understanding is that a Chapter 11 is basically business as usual, but we've hired a firm of lawyers and accountants to run us whilst they try to settle as many debts as possible and then we'll take back over once it improves.

It doesn't mean they're completely safe, but the majority of Chapter 11s recover after a year or so, although normally with a more streamlined cost efficient organisation so I wouldn't rule out some cancellations or lay offs in the near future.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby PonderingWalrus » 20 Dec 2012, 12:38

Damn you Red Faction: Armageddon! This is all your fault! :evil:
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Re: THQ files for bankruptcy, but no game cancellations and

Postby Decent_Jam » 20 Dec 2012, 12:48

PonderingWalrus wrote:Damn you Red Faction: Armageddon! This is all your fault! :evil:


It was an appalling misstep if ever there was one. Doubt the studio deserves to crumble for it though. Can't say I'm too committed to THQ for anything in particular so I think I will cope.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby CunningSmile » 20 Dec 2012, 12:51

I think the official explanation is the over investment in the doomed to fail uDraw. One of their biggest shareholders even went so far as to try and sue the THQ board of directors for misrepresenting the demand at the shareholders meeting.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby PonderingWalrus » 20 Dec 2012, 13:40

Decent_Jam wrote:
PonderingWalrus wrote:Damn you Red Faction: Armageddon! This is all your fault! :evil:


It was an appalling misstep if ever there was one. Doubt the studio deserves to crumble for it though. Can't say I'm too committed to THQ for anything in particular so I think I will cope.


Yeah, I don't hate THQ for it and Guerilla was really enjoyable.

I don't really play any THQ games either but have been considering investing in either Metro 2033 or Saints Row The Third. Just never quite committed to doing so.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby Plamsa wing » 20 Dec 2012, 14:19

PonderingWalrus wrote:Damn you Red Faction: Armageddon! This is all your fault! :evil:


Damn you Louie Spence too! :wink:

Shame about the needless change for Armageddon, had it been open-world it could have been fantastic. It also had a piss poor XBLA tie-in.

I really hope THQ get "better" and soon. Regardless of how good Darksiders 2 wasn't, I still rather enjoyed playing it and I hope that franchise continues to get bigger. It has some good lore going which I really hope to see in game form someday.

Metro is another franchise I really enjoy, even bought the books after playing the game, which is one of my favourite FPS this generation.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby lazercut123 » 20 Dec 2012, 15:54

Up until about three years ago THQ were probably my 4th favourite gaming company. But sr3 (2 was brilliant, but 3 was utter shite in my opinion), red faction Armageddon (same as sr3, loved guerrilla, hated Armageddon), and the udraw (from what I've heard), THQ have sunk into an abyss they may not be able to escape. :cry:
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Re: THQ files for bankruptcy, but no game cancellations and

Postby msbhvn » 20 Dec 2012, 16:41

The terrible uDraw, which didn't even sell out when it was less than a fiver in Amazon's Black Friday deals, was a huge gamble that THQ shouldn't have made. Having a new peripheral is a big risk in itself, but when it doesn't work properly and has no decent games to back it up even if it did, it's doubly risky.

Then the latest big release from them was Darksiders 2. Obviously rushed and half-finished, with overpriced buggy DLC that was handled poorly, especially the Argul's Tomb DLC that was out for paid download for nearly a week before THQ sent codes to the people who had pre-ordered. The Season Pass DLC comprised of about two hours play time for 1600MSP, and that's if you could play the packs at all, as there were huge gamebreaking bugs that caused the game to crash.

I loved the first Darksiders, but the sequel was so badly handled that I've lost all interest in the franchise. I can't help but assume the only reason the South Park RPG hasn't been rushed to market so quickly is because Trey Parker and Matt Stone are heavily involved in the development and won't let them release it until it's finished.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby GallifreyDog » 20 Dec 2012, 16:46

Hope they handle DLC for Saints Row 4 better. 1200 Microsoft points for a season pass where the three mission packs you get only last about 2 hours altogether. For that price they should have included all of the weapon/costume DLC packs.
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Re: THQ files for bankruptcy, but no game cancellations and

Postby Fallenlords » 21 Dec 2012, 13:32

Not one of my favourite developer/publishers but I am looking forward to Metro Last Light. So I do hope they sort things out, rumour is Ubisoft are keen to acquire the assets.
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