UPDATED: WWE Video Game Partner THQ Files For Bankruptcy
UPDATE: WWE issued the following statement (via Daily Finance) regarding THQ’s bankruptcy filing:
“WWE is following the developments of THQ’s bankruptcy filing today and proposed sale under Bankruptcy Code Section 363. The Company anticipates actively participating within this proceeding.”
ORIGINAL: According to marketwatch.com, THQ, the video game partner of WWE, announced today that the company will file for bankruptcy. THQ, which is a publicly traded company, also halted trading of shares.
The company’s assets will be purchased by the “affiliates” of Clearlake Capital, which is a company that describes itself as an investment firm focused on “private equity and special situation transactions.”
THQ has officially filed for Chapter 11 bankruptcy in a U.S. federal court in Delaware. As of today, the company’s stock was last listed at $1.22, down 84 percent from this time last year, and the stock price plummeted, as investors sold off shares in a last-ditch effort to salvage their investment.
At this time, there is no news on how this will affect WWE video games going forward. THQ may be re-organized following Clearlake’s purchase, or the assets could be auctioned off.