THQ has filed for Chapter 11 bankruptcy. However, it will continue to operate as normal and release all planned games during the bankruptcy process.
Those games include Metro: Last Light, South Park: The Stick of Truth, Company of Heroes 2 and Homefront II.
All studios remain open and development is continuing as normal.
"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," said CEO Brian Farrell.
Chapter 11 means it has secured funding from an outside investor. MGM, the distributor of Skyfall, used a similar method of refinancing two years ago.
By Ben Salter