THQ Files For Bankruptcy (Updated)

THQ has just announced via press release that the firm has filed for Bankruptcy. The company stated that they would to operate as normal as they go through the bankruptcy process.

"The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ's deep bench of talent," CEO Brian Farrell said in a press release.

He further added, "We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible."

UPDATE 1:

We have just received an update from our reader "Rider" that THQ has entered into an asset purchase agreement with a ‘stalking horse bidder,’ affiliates of Clearlake Capital Group L.P., to acquire substantially all of the assets of THQ’s operating business, including THQ’s four owned studios and games in development"