THQ president Jason Rubin says bankruptcy signals 'a new start' for company

The president of THQ says that the publisher's filing for bankruptcy protection and a proposed purchase by investment firm Clearlake Capital Group "does not mean the end of the THQ story or the end of the titles you love," in a letter to the community posted by Jason Rubin.

Rubin, who was appointed president of THQ in May, writes that the bankruptcy proceedings and investment from Clearlake represent a "new start for our company." THQ's Chapter 11 filing for restructuring is a "safety net," Rubin says to fans concerned about the gamer maker's future, noting that companies like Marvel Studios, General Motors, American Airlines, Macy's and MGM have sought similar protection.

"MGM filed Chapter 11 two years ago, and this year it released Skyfall and The Hobbit, two of the biggest titles of the year," Rubin argues. "That's what I mean when I say new start!"

"Our Chapter 11 process allows for other bidders to make competing offers for THQ. So while we are extremely excited about the Clearlake opportunity, we won't be able to say that the deal is done for a month or so."

"Rest assured that the goal throughout the sale process has been to preserve our teams and our products."

"Whatever happens, the teams and products look likely to end up together and in good hands," Rubin writes, reaffirming that titles like Metro: Last Light, Company of Heroes 2 and South Park: The Stick of Truth are still in development, as are new entries in the Saints Row and Homefront series.

"In short, the teams will be unburdened by the past and able to focus on what they should be focusing on — making great games," Rubin concludes. "I'm excited about the future and hope to have more to report soon."