WWE: THQ Files for Bankruptcy, Owes WWE Several Million Dollars!
Anyone who follows the world of video games may have heard that video game publisher THQ, Inc. has filed for bankruptcy protection with Clearlake Capital Group securing an asset purchase agreement to finance the company and keep it afloat while THQ goes through the difficult process. The Clearlake Capital Group will fund THQ and its four subsidiaries as well as its video game releases, to keep the THQ offices up and running to prevent any delays. The THQ website mentions that, during the process, THQ will seek out a strong, financial backer; a company or individual with enough money to, essentially, buy out THQ, Inc., serving as a figurehead for the company while retaining its employees and business processes. THQ has acquired commitments from both Clearlake and Wells Fargo to finance the company for approximately $37.5 million, pending the Court’s approval of their Chapter 11 filing.
Where the WWE comes in is, in the bankruptcy filing, THQ listed that they owe the wrestling company roughly $45 million. For the past 10 years, THQ has been responsible for every WWE video game on the market since 2000, including WWF No Mercy, WWE All Stars, every WWE SmackDown vs. RAW game, WWE ’12, and, most recently, WWE ’13. The WWE & THQ partnership has resulted in tremendous success for both companies as the WWE games have long been among the most popular in THQ’s history. The $45 million that THQ owes the WWE is likely from the sale of the video games. Some of the other popular video games produced by THQ are Saints Row, Company of Heroes, Red Faction, Homefront, MX vs. ATV, as well as countless accessories and video games for the Nintendo Wii & Wii U consoles. None of these games, including the WWE games, will be affected by THQ filing for bankruptcy, according to THQ. However, the bankruptcy filing may prevent WWE from getting the money they are owed, but the WWE has mentioned that they have been keeping a close eye on the bankruptcy proceedings.
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