THQ Files For Bankruptcy

Agoura Hills-based vidoegame maker THQ has filed for Chapter 11 bankruptcy, and is now seeking a buyer, according to the company Wednesday. THQ said that it has entered into an asset purchase agreement with affiliate of Clearlake Capital Group, L.P. to acquire "substantially all" of its operating business, including all four of its studios and games in development. As part of the move, THQ said it has received commitments for debtor-in possession (DIP) financing of approximately $37.5 million, subject to court approval. THQ's stock plunged on the news Wednesday afternoon, dropping by more than 75 percent on news of the bankruptcy filing.