Details of THQ Bankruptcy
THQ has entered Chapter 11 bankruptcy. Clearlake Capital has plans to purchase the combined assets of the game publisher.
Kotaku states, "The creditors allege THQ and the private equity firm Clearlake Capital Group have rigged the sale, ostensibly an open bidding process, to ensure that Clearlake gets all of the company's assets."
The creditors would want the assets from THQ to be sold to the highest bidder, so they don't have as much of a loss. Apparently, THQ and Clearlake want to have just one transaction with all the assets involved.
There are a few games that were in development that emerged with the bankruptcy filing: Evolve from Turtle Rock, 1666 from THQ Montreal, Atlas from Relic Entertainment. THQ expects Evolve and 1666 to sell approximately four million units. They also expect Saints Row 4 to sell five million units.
Sources: Kotaku, GamesBeat