By: Eddie Makuch

Beleaguered Saints Row publisher THQ has filed for Chapter 11 bankruptcy, the company announced today. It has entered into an asset purchase agreement with a bidder to acquire “substantially all of the assets of THQ’s operating business.” This includes the company’s four wholly-owned studios and games in development.

“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,” the company said in a statement.

This is a developing news story. Check back for further details

Source: GameSpot