THQ announced that it has signed an agreement to sell of of it’s assets to the Clearlake Capital Group for $60,000,000 ($6 Million). Clearlake said that the sale ““allow THQ to shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology.”

THQ has DIP (debtor-in possession) financing and will continue to operate, without interruption, under $37.5 million. Clearlake is the “stalking horse bider”, which means that interested companies have the oppertunity to submit competing bids.

THQ shares are at 40 cents.

I grew up with THQ and I really hope that they can figure this out.