Oh shit. I'm getting horrific deja vu here - it's Midway all over again. I really hope THQ pull through this and don't go the way that Midway did - although the Stalking Horse thing was also featured in Midway's Chapter 11 bankruptcy and didn't help matters one bit.
Chapter 11 is basically a way to buy more time. One commenter has gleefully mentioned that "THQ are out of debt!" through this procedure. Bullshit. They're almost fucked. If they can get their shit together before the dreaded deadline, they'll be out of trouble.