THQ bankruptcy a 'new start' says Rubin
President Jason Rubin explains bankruptcy filing does not signal the end of THQ or its games.
THQ president Jason Rubin has explained, in plain English, what the company's recent Chapter 11 bankruptcy filing means for the future of the company and its games. Writing on the THQ website, Rubin explained that neither THQ, nor its games, are going away.
"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," Rubin said. "Quite the opposite is true, actually."
Rubin explained that Chapter 11 is a "safety net" for United States companies. The executive pointed out that American Airlines is currently undergoing Chapter 11 restructuring and yet he flew on that airline recently to visit Saints Row developer Volition this month.
"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," he said.
"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," Rubin added. "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."
As noted in THQ's bankruptcy filing, private equity firm Clearlake Capital Group is interested in purchasing all of THQ's assets. This includes staff at wholly-owned studios (Relic, THQ Montreal, Vigil, and Volition), the company's intellectual property (titles, source code), its contracts (like those with Crytek, South Park Digital Studios, 4A Games, Obsidian, and Turtle Rock), and various support staff.
Clearlake is also providing THQ with money to continue working on its projects during the sale period and also following the sale, which is estimated to be complete in 30 days.
"In short, they are investing in a new start for our company," Rubin said.
Though Rubin is optimistic about the future of THQ, he cautioned that nothing is set in stone until the deal goes through.
"Our Chapter 11 process allows for other bidders to make competing offers for THQ. So while we are extremely excited about the Clearlake opportunity, we won’t be able to say that the deal is done for a month or so," Rubin said.