SAN FRANCISCO (AP) — Struggling video game company THQ Inc. says it has filed for Chapter 11 bankruptcy protection and plans to sell off its assets.
The Agoura Hills, Calif., company says investment firm Clearlake Capital Group has put in a $60 million "stalking horse" bid for its operating business, which includes four development studios and games in currently in development. The process allows others to come forward and place higher bids.
THQ also says it has secured $37.5 million in financing from Wells Fargo and Clearlake, pending court approval.
The company says it plans keep its studios open and continue to develop games.
THQ has struggled to keep up with rival game developers such as Electronic Arts Inc. and Activision Blizzard Inc., which are much larger.