01:27 PM - December 19, 2012 by jlfarris
The old days, they're no more.
THQ, the maker of the WWE video game series, has filed for chapter 11 bankruptcy as of today. Statements from THQ indicate the company effectively is no more as an independent entity and is being taken over by another organization of some sort. As part of that move towards being bought out, THQ has entered bankruptcy in order to shed liabilities so it can emerge on the other side as a more profitable entity.
In a statement, the company said, ""The sale will allow THQ to shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology."
This should come as no shock, as the company with assets valued at nearly $60 million defaulted on a $50 million credit facility recently. The writing has been on the wall awhile for the company, and now it appears someone has stepped in to buy assets of the company and sell others off.
What this means for THQ's projects remains to be seen, but it is a good bet they will almost certainly try to keep the WWE license as it's one of the companies best money makers. However, don't count out any possibilities. The one probability you can take to the bank is that there will continue to be WWE games released, as the series has sold quite well in recent years. [Gamespot]