Today, THQ announced to shareholders and customers that it has filed for chapter 11 bankruptcy. Under the guidelines of the law, THQ wishes to sell its assets to Clearlake Capital Group for $60 million. We broke down the specifics of the agreement earlier today, but now more information has been discovered in the actual bankruptcy papers filed by THQ. It reveals the working titles of games that have not been announced.
According to the documents, Darksiders developer Vigil Games is currently developing a title referred to as Crawler. Volition is carrying on the Saints Row franchise with Saints Row 4. We knew this game was in development ever since THQ president Jason Rubin insisted to use content that was originally going to be released for Saints Row: The Third for the next Saints Row game.
Relic Entertainment is working on something known as Atlas that is scheduled to be released in 2014. Finally, the new game from Patrice Desilets is still under development at THQ Montreal and Turtle Rock Studios is working on an untitled “co-op multiplayer action game.”
THQ also presented estimated sales for several titles. Here they are.
- Saints Row 4 – 5 million
- Company of Heroes 2 – 2 million
- Homefront 2 – 4 million
- Darksiders 2 – 2.4 million
- WWE ’13 – 1.9 million
- South Park: The Stick of Truth – 3.1 million
- Evolve – 4 million
- 1666 – 4 million
- Atlas – n/a
Now, let’s move on to some more interesting facts from the filing. In its banckrupcy press release, THQ revealed Clearlake Capital Group as its stalking horse bidder. This title allowed Clearlake to place the first bid on THQ’s assets. However, that doesn’t mean Clearlake can’t be outbid by someone else. The chances of that happening probably aren’t that great since THQ has financial liabilities worth at least $150 million. In the event Clearview is outbid, they will receive a $1.25 million “break-up fee” from THQ.
I have a feeling there is more interesting information to be learned from this filing. We’ll report more as we get it.