THQ Files Chapter 11, Is This The End?
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.