Video game publisher THQ has filed for Chapter 11 bankruptcy. The long troubled firm, publisher of the Saint's Row, Red Faction and Dawn of War series, is also seeking to sell its assets. The publisher's current slate of games will continue development through the process.
THQ owns four development studios. Vigil has been the most recently productive, launching Darksiders 2 in August. Relic Entertainment, creators of the famed Homeworld series is set to deliver WWII-set strategy game Company of Heroes II in 2013. Volition, based in Chicago, is working on the next installment of the wacky Saint's Row series. The fourth studio, recently built in Montreal, has been working on an unannounced project helmed by Patrice Desilets, the Creative Director on the first two Assassin's Creed games.
THQ is also publishing an unannounced game from the independent Turtle Rock Studios, the creators of Left 4 Dead. Work continues on Metro: Last Light at independent Ukrainian developer 4A Games. Crytek, the developer of the famed Crysis series has been contracted to build a sequel to last year's disappointing but financially successful Homefront. Finally, THQ is also set to publish Obsidian's South Park: The Stick of Truth in March.
Happily, there are no expected layoffs as the company's reorganization begins and completes. Clearlake Capital, a private equity firm, has offered to buy THQ as a 'stalking horse bidder.' The style of stalking horse bidding allows THQ to court other bidders besides Clearlake as the bankruptcy process continues. Their bid is approximately $60 million in total. The sale process is expected to complete in thirty days.