THQ has filed for Chapter 11 bankruptcy proceedings, which comes as little surprise given how dire the cash flow situation has been at THQ. The good news is, however, the company has found a buyer. The Clearlake Capital Group will become the new owners of THQ for a cool $60 million if the court approves the sale.

If the sale is approved, there will be no layoffs and work will continue on the titles that are already in development. The sale would see Clearlake assume THQ’s commitments and mark the next evolution of THQ. Of course, THQ claims that the sale is necessary for the company to survive.

THQ has been doing quite a job raising cash itself. The company was able to bank almost $5 million from its Humble bundle promotion in two weeks, which was quite successful. Unlike what we saw with Midway, it would appear that THQ has quite a bit of fight left; and it will bear watching to see if the company with this infusion of new investment can get things on track.