THQ Simultaneously Files Chapter 11 Bankruptcy, Secures Buyer for Company's Assets [UPDATED]

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#101 Posted by MooseyMcMan (11031 posts) -

Poor THQ!

Moderator
#102 Posted by RoyCampbell (1096 posts) -
@siln said:

"Filed under: THQ, Horse"

"Hi, hey, hello-" 
 
"Horse."
#103 Posted by HellknightLeon (467 posts) -

Always sad to see another one fall. I hope everything works out ok. I don't know what will happen to Saints Row now. I agree that 60mil is generous.... I will just have to wait and see what happens to everything.

#104 Edited by ninjalegend (431 posts) -

I hope the stick of truth hits and hits big. It's sad to see a publisher that has brought me games as good as Saints Row the Third and Red Faction Guerrilla in trouble. I hope they now realize the difference between making smart gambles like the new IPs this generation, such as Saints Row and Darksiders, and dumb gambles like chasing the casuals with Udraw. Success comes easier if you know what your good at, focus on that, and execute.

I'm rooting for you, THQ! I can't wait to play the South Park game as dumb fun games seem to be in your wheelhouse.

#105 Posted by EchoEcho (827 posts) -

As long as Relic makes it through this intact so I can get more 40k goodness, then I'm all right.

#106 Posted by InternetDetective (353 posts) -

i wanna be a stalking horse bidder : (

#107 Posted by pickassoreborn (525 posts) -

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.

#108 Posted by Veektarius (4838 posts) -

So now that the bankruptcy cat is out of the bag, can they go back and develop a new engine for CoH 2?

#109 Posted by sins_of_mosin (1556 posts) -

As long as they stay in biz, thats all I care about. Thou, Dawn of War series needs to go back to RTS and not that action rpg kinda crap.

#110 Posted by Gunharp (337 posts) -

@jta04 said:

I read through their bankruptcy petition. Turns out they owe $45,000,000 to the WWE.

Between your reply to and that bit of info. Do you know of anyone out there writing about THQ's bankruptcy with such detail/research? More interesting than just the fact/event reporting.

#111 Posted by Vaancor (247 posts) -

Well, was nice while it lasted. Curious how the new parent company will change things to get a return on there investment.

#112 Posted by redelectric (160 posts) -

@Kidavenger: Go to THQ.com and read the news. Relic was part of the deal. All studios that develop under the THQ umbrella are part of the deal. Money even goes to THQ's contracted developers. First paragraph.

FIRST PARAGRAPH GUYS. GAMES ARE COMING.

#113 Posted by Phished0ne (2508 posts) -

ITT: Lots of people who don't know how Chapter 11 works.

#114 Posted by MordeaniisChaos (5730 posts) -

@RonnieBarzel said:

With a new owner, will this mean Jason Rubin will be leaving the company? I'm not an economics major, but it would make sense to me that a new owner would want to install its own people.

Not really. It's not the fraternity culture you seem to think it is. If he is thought to be doing a poor job, they look for a suitable replacement, not their "own people." And I think it's a bit early to say anything about Rubin's performance. It may be that he was a part of making sure this deal happened. Hard to know.

#115 Posted by commonoutlier (136 posts) -

Man, I would have been bummed if Metro: Last Light was cancelled...I've been waiting for that game for far too long for it to just disappear...so I'm very selfishly pleased to hear that this will not affect its development.

#116 Posted by FMinus (394 posts) -

Relic alone is worth ten times the 60 million...

#117 Posted by ArtisanBreads (3847 posts) -

Save Relic! If they have to go, I hope they actually go to... SEGA. How weird is that.

#118 Posted by Mr_Skeleton (5144 posts) -

@FMinus said:

Relic alone is worth ten times the 60 million...

So 600 million? I doubt that.

#119 Posted by Cerevisiae (75 posts) -

It felt inevitable, really. I hope jobs can be spared and the games I'm looking forward to from them continue on in good hands.

#120 Posted by kurtkless (89 posts) -

wonder how much they made off that humble bundle....

#121 Posted by ArtisanBreads (3847 posts) -

@Mr_Skeleton said:

@FMinus said:

Relic alone is worth ten times the 60 million...

So 600 million? I doubt that.

Uh yeah you definitely should doubt that.

#122 Posted by WMoyer83 (643 posts) -
#123 Posted by pweidman (2337 posts) -

Sounds like THQ did what they had to do. 60 million seems like a very small number though.

Hopefully some of these devs find a more stable home at some point, especially Relic.

#124 Posted by Reisz (1497 posts) -

This seems really shitty on the surface but it's much better to do what needs to be done now, while they still have control rather than keep going ass they have for the past few years. I'm glad to see (in mybusiness ignorant eyes) a sensible move like this in the face of so many closures.

#125 Posted by Dan_CiTi (3320 posts) -

Hopefully next year is a big hit for them, then maybe they can get through this. It is nice to think they have a chance to even sort get out of the mess they're in. It always sucks to see huge debt numbers like that for anyone.

#126 Posted by CornBREDX (5306 posts) -

I don't know why but this really sucks. I guess maybe its because these days they publish decent to great games (even though in the past they kind of just made middling to shit games). 
60 million dollars is a real bummer deal. Like, really? No one thinks any of their IPs are worth anything?

#127 Edited by MrKlorox (11209 posts) -

Get out of here Stalker.
 
No, but seriously, I'm glad things aren't as completely fucked as they could be.

#128 Posted by RedRavN (400 posts) -

Man this is mega depressing news. THQ deserves better than this considering they have a great lineup of games that should have been more sucessful. I would have thought that saints row 3's success would have been enough to hold them. Its wierd that THQ was having so much trouble considering most of their recent games have been quite sucessful with a few exceptions like red faction armageddon and homefront (which I thought acually sold quite well). I guess they really did themselves in with that piece of shit U-draw tablet.

I hope the new owners will turn things around financially without slowly ruining the games like EA has done. Heres hoping a company like Valve(could totally happen) picks them up instead.

#129 Posted by Mamba219 (155 posts) -

Great, they're now owned by financial pirates who will benefit more from the company's failure than its success. I wouldn't hang my hat on their recovery.

#130 Posted by SomeDeliCook (2341 posts) -

I still want that FPS Avengers game =(

#131 Posted by Sticky_Pennies (2019 posts) -

Well, Merry Christmas, I suppose.

I hope this ends up being good news in the end.

#132 Posted by probablytuna (3667 posts) -

Sounds like good news to me.

#133 Posted by HerbieBug (4212 posts) -

whoa nelly!

#134 Posted by Vigorousjammer (2503 posts) -

Alright, sounds good! Seems like I don't have to worry about Saints Row: the Fourth, South Park, or that new Metro game. THQ has went from being a middling games publisher back in the PS2/Xbox era, and has continually been getting better and better. I'll definitely be buying some of the games they put out, and I wish them all the best from this new acquisition.

#135 Posted by jking47 (1211 posts) -

Metro Last Light better get released. Dammit I like THQ, hope this allows them to stay afloat.

#136 Posted by Berserker6666 (19 posts) -

Someone better not screw up Company of Heroes 2.

#137 Posted by smiddy (359 posts) -

Throughout all this my main concern has always been Relic. They are a fantastic studio and went through some shit once before with Sierra. I just want more of their particular brand of games because I've loved every one of them.

#138 Edited by BlatantNinja23 (930 posts) -

Well this sucks, but hopefully this creates a much smarter THQ because it's obvious that people weren't doing their jobs correctly. Bad decisions all around. Probably doesn't help that it kinda seems like every team they have is still working on something for quite awhile, what's the last couple games that are finished and actually able to ship and make money on?

#139 Posted by FMinus (394 posts) -

@ArtisanBreads said:

@Mr_Skeleton said:

@FMinus said:

Relic alone is worth ten times the 60 million...

So 600 million? I doubt that.

Uh yeah you definitely should doubt that.

Figure of speech, meaning - it's best thing THQ has and should be handled that way.

#140 Posted by Damolition (119 posts) -

I love a good Alex Navarro article.

#141 Posted by guardinnome (6 posts) -

THQ is a good publisher, I hope they do better under new ownership though.

#142 Posted by Napalm (9020 posts) -

@FMinus said:

Figure of speech, meaning - [Relic is] the best thing THQ has and should be handled that way.

I always find it funny when somebody puts one developer under THQ on a pedestal and goes, "nah, man, these guys will SAVE THQ! No man, you're not listening! These guys can DO IT!"

And they continue to name off a franchise or series that like twelve people played and say that's how it'll be done. *makes farty noise with tongue*

#143 Posted by teekomeeko (625 posts) -

Okay, okay... I'm on board with the "this may just be THQs saving move" bandwagon. Lord knows they need it, and man does their next year or so of games look too good for them to just vanish.

#144 Posted by dropabombonit (1490 posts) -

Thanks UDraw

#145 Posted by SteveR667 (2 posts) -

So the creditors get screwed over, that's great. I wonder how much tax they owe that has been wrote off.

This isn't how bankruptcy is supposed to work. Are companies under any obligation to try and resolve issues with their creditors before filling for chapter 11?

#146 Posted by VargasPrime (301 posts) -

@SteveR667 said:

So the creditors get screwed over, that's great. I wonder how much tax they owe that has been wrote off.

This isn't how bankruptcy is supposed to work. Are companies under any obligation to try and resolve issues with their creditors before filling for chapter 11?

Technically yes, since actually getting the reorganization plan approved requires the consent of the creditors in the first place. So chances are that most, if not all, of THQ's creditors were OK with the company filing Chapter 11 and having time to restructure.

It doesn't magically make their debt disappear, it just forestalls any attempts to collect that debt and allows the company time to regroup. At least that's how I understand it, I'm not an expert by any means.

#147 Edited by admanb (225 posts) -

@Napalm said:

@FMinus said:

Figure of speech, meaning - [Relic is] the best thing THQ has and should be handled that way.

I always find it funny when somebody puts one developer under THQ on a pedestal and goes, "nah, man, these guys will SAVE THQ! No man, you're not listening! These guys can DO IT!"

And they continue to name off a franchise or series that like twelve people played and say that's how it'll be done. *makes farty noise with tongue*

It's more that they're studios that make quality, profitable games. They just don't make games profitable enough to cover THQ's disasters.

#148 Posted by Napalm (9020 posts) -

@admanb said:

@Napalm said:

@FMinus said:

Figure of speech, meaning - [Relic is] the best thing THQ has and should be handled that way.

I always find it funny when somebody puts one developer under THQ on a pedestal and goes, "nah, man, these guys will SAVE THQ! No man, you're not listening! These guys can DO IT!"

And they continue to name off a franchise or series that like twelve people played and say that's how it'll be done. *makes farty noise with tongue*

It's more that they're studios that make quality, profitable games. They just don't make games profitable enough to cover THQ's disasters.

From what I understand, it was uDraw that basically sunk them.

#149 Posted by Viking_Funeral (1791 posts) -

@cannonballBAM said:

The list of american publishers is dwindling.

EA, Activision, Take-Two, Microsoft, Valve... oh, and THQ. They're still around. And that's just the big boys.

Honestly, for better or worse, American publishers are still dominating market sales right now.

#150 Posted by LordAndrew (14426 posts) -

@warley said:

Fifth!

This post best reflects my feelings on this matter.

This edit will also create new pages on Giant Bomb for:

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