THQ assets to be sold "title by title" on January 22, 2023

[pstep]

For those of you who missed it, THQ filed for bankruptcy on December 19, 2012. At that time, THQ entered into a asset purchase agreement with affiliates of the firm Clearlake Capital Group "to acquire substantially all of the assets of THQ's operating business, including THQ's four owned studios and games in development."

IGN ran a story on this in December, and you can view it here:




In more recent news on this matter Distressed Debt Investing has stated that all parties have come to an agreement that THQ assets will be sold on January 22, 2013. The action will allow for "title by title" sales of THQ assets.



According to Bloomberg, U.S. Bankruptcy Judge Mary F. Walrath stated, "I have problems concluding that the pre-petition sale process was fulsome,” She also noted that THQ, “did not even put out to the public that it was for sale”
THQ's creditors have been arguing that they should be selling it's properties by title as opposed to selling everything in one single package. According to Judge Walrath, "the individual titles may have substantial value” and if interested parties are forced to buy the whole company it, “may depress bids.”

I certainly hope that THQ's major titles like Saints Row, WWE, Darksiders and Warhammer don't get bought up by a company like EA or Activision. These companies are notorious for buying large franchise titles and running them into the ground. On a positive note, it has been reported that both Ubisoft, and Warner Bros are front-runners in the mix to buy some of the assets.

- me

 

[Spartan]

Hmm. I had no idea THQ was in trouble. Are the WWE games still that popular? Saint's Row is a good title, Darksiders is decent too, but are those the four big titles that they own?If so, I'm not surprised that they declared bankruptcy.

 

[ACSAPA]

I heard about THQ's problems last year. As evidenced by my avatar ,I'm a huge Dead or Alive fan and Tomonobu Itagaki formerly of Team Ninja was working on a game called Devil's Third under the THQ umbrella, now that game will probably never see the light of day so I'm bummed about that. THQ was so excited to welcome Tomo Itagaki aboard that they made him a customizable character in Saint's Row The Third. This sucks. It seems like a lot of game companies have closed in the past couple of years.

Aww, I just found this old video of playable Itagaki in Saint's Row The Third. I hope his game Devil's Third finds a new home.

 

[BigBigFan]

Management fail. THQ had some of the best games I've ever played so to see them need to file for bankruptcy screams executive failure to me. You know, those guys who voted to give themselves big bonuses and stock options and who quit the company when they knew it was in trouble? Yeah, those guys. FAILURE.

 

[SamSam]

It was surprising to see THQ go under they have a nice list of game series behind them. Here is hoping that the titles get picked up by the right people I guess only time will tell.

 

[Blemons2527]

Not my type of game but I may get it to try it out. It looks like fun and I am sure it is something me and my bf can enjoy together. I like the effects on this game.