THQ: Games safe for now, bankruptcy a positive move
20th Dec 2012 | 11:29
THQ's filing for bankruptcy is a positive step that will enable the sale of the company and hopefully ensure that its in-development titles see the light of day.
That's according to THQ president Jason Rubin, who has written an open letter to the gaming community in an attempt to explain the company's current position.
Last night the publisher announced it plans to sell all of its games and assets. A private investment firm has lodged a bid for $60 million, but THQ's bankruptcy process allows for other bidders to make competing offers over the next month or so.
"The sale [of the company] needs to be completed through a Chapter 11 proceeding of the Bankruptcy code," Rubin explained.
"The most important thing to understand is that Chapter 11 does not mean the end of the THQ story or the end of the titles you love. Quite the opposite is true, actually.
"Chapter 11 is a safety net for U.S. companies. American Airlines is currently in Chapter 11 restructuring, yet I flew back and forth on that airline when I visited Volition two weeks ago. Donald Trump and his companies have been in Chapter 11 four times. You can add to that list household names such as Macy's, Eddie Bauer, the Chicago Cubs, Chrysler, Delta Airlines, General Motors, the Pittsburgh Penguins, Marvel Studios, and MGM, among many others.
"MGM filed Chapter 11 two years ago, and this year it released Skyfall and The Hobbit, two of the biggest titles of the year. That's what I mean when I say new start!
"Whatever happens, the teams and products look likely to end up together and in good hands. That means you can still pre-order Metro: Last Light, Company of Heroes 2, and South Park: The Stick of Truth.
"Our teams are still working on those titles as you read this, and all other rumored titles, like the fourth Saints Row, the Homefront sequel, and a lot more are also still in the works."
Legal documents related to THQ's bankruptcy filing have revealed a number of unannounced games in development for the publisher, including new titles from Darksiders 2 developer Vigil Games, Left 4 Dead co-developer Turtle Rock and THQ Montreal, the team helmed by former Assassin's Creed creative lead Patrice Désilets.