THQ Featurebanner 20 Dec

Polygon reports that publisher THQ has announced it has come to an agreement with a third party to “acquire substantially all of the assets of THQ’s operating business, including THQ’s four owned studios and games in development” and that it has filed for Chapter 11 bankruptcy protection to facilitate the sale of these assets. More details are included after the jump.

According to the court documents filed by THQ, the company currently has outstanding debts of $248.1 million, against only $248.1 million in assets. Debtors include World Wrestling Entertainment and WWE-developer Yuke’s, who are owed $45 million and $17.75 million respectively. All of the THQ-owned studios (THQ Wireless, THQ Digital Studios Phoenix, Volition Inc., and Vigil Games) are part of the sale as well, but THQ has announced it does not expect to reduce the number of people employed at any of its locations.

THQ has agreed to sell all its assets to invesment firm Clearlake Capital Group for a total of $60 million. $10 million of this will be used to pay off a portion of its debt to creditors.

The company will continue to do business as usual during the transition period, and development on current titles will carry on as intended. Amongst several other unannounced projects, the company currently has South Park: The Stick of Truth, a fourth Saint’s Row title, Company of Heroes 2Metro: Last Light, and Homefront 2 in development.