THQ announced earlier today that they have filed for backruptcy, the producer of games such as Saints Row and Metro 2033 announced that they will be entering an Asset Purchase Agreement with the Clearlake Capital Group, who got the winning bid and are now the owners of all of THQs operating business, including the four gaming studios it owns as well as games in development.

However THQ did mention that business operations will continue “without interruption during the sale period” and the company wills till remain open to all development teams allowing them to continue the work they have already started which include games like Metro: Last Light and Saints Row 4.

Brain Farrell the Chairman and CEO of THQ said the following in his statement.

“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.”

“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.”

During the process Clearlake will serve as a “stalking horse bidder” for the sale process of THQ in a “section 363 sale process, which allows other interested parties to come forward with competing bids.”

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