THQ has filed for bankruptcy.  The company today announced that they have filed petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware.

The company has also entered into an Asset Purchase agreement with affiliates from Capital Group, L.P. to purchase all the assets of the company according to a report from Business Wire. The group will acquire all assets including the company's operating business, their studios under the label and any games under development.

"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 Brian Farrell, Chairman and CEO of THQ. "We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition."

The report also states that during this process, the company will continue to run its normal business operations.  All studios will remain open and titles will still continue to be worked on.  Jason Rubin, President of THQ, stated on Twitter that the Saint's Row sequel as well as the next Homefront game are still in the works and will continue production.