Troubled game publisher THQ is handing over its U.S. operations to a new owner.
Clearlake Capital Group is fronting $60 million to acquire THQ's business, including its four U.S. development studios (Vigil, Volition, THQ Wireless and THQ Phoenix). In order to facilitate the sale, THQ filed for Chapter 11 bankruptcy on Tuesday.
THQ says that operations will resume as normal during the transition, should the bankruptcy court approve.
"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," CEO Brian Farrell said in a statement.
According to THQ, Clearlake plans on inheriting all of its existing contracts with outside development studios.