THQ has been sailing through some stormy seas recently. The developer currently has $16.4 million outstanding on its facility and recently entered into a forbearance agreement with the finance company Wells Fargo Capital Finance.

The waves don’t seem to be easing up for the company as it has today filed for Chapter 11 bankrupcy protection in a U.S. Federal Court in Delaware. THQ says this is to facilitate the sale of the publisher's owned studios and current games in development. The company has entered a purchase agreement with a bidder.

CEO Brian Farrell said in a press release from THQ:

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.

We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible.

The bankruptcy proceedings won’t put the brakes on any upcoming games in development, including Metro: Last Light and South Park: The Stick of Truth – none of which are on a Nintendo console.

The last game to be released on a Nintendo system was Darksiders II on Wii U, hopefully it won’t be the last release we see from the developer.

What are your thoughts on this news? As ever, let us know in the comments section below.

[source, via]