Game publisher THQ has made it known through a press release that they have filed for protection against bankruptcy, and it will be selling off its studios and games in development. Furthermore, THQ has secured backers from Clearlake Capital Group, that has put forth about $60 mil. They have also managed to get financing from Wells Fargo to the tune of $37.5 million.

While THQ will invariably go through some changes, the company assured that customers will not be affected by this transition, nor will it lay-off any staff. THQ’s top management has assured that they will continue to develop and publish games, with Jason Rubin calling the situation “a new start for our company.”