Bidding Closed On THQ For $6M-$7M On Remaining Titles

The courts have closed all bidding for the bankruptcy auction of the remaining THQ assets. The courts received 17 final bids on the remaining intellectual properties on April 15th according to documents filed. The court planned to present their final offers to the lenders in early May and close any and all final sales by the end of the month. There is no indication of how much was bid for each title or who the final bidders were. If the lenders approve the final offers, the total amount could reach between $6,000,000 and $7,000,000.

THQ’s woes began back in mid 2012 when the publisher started selling off certain intellectual properties and canceling games. In November of that same year, the company posted a loss of $21,000,000 and began seeking financing to stay afloat. In December of 2012, THQ filed for bankruptcy protection and began selling off its studios and games. THQ president Jason Rubin claimed the bankruptcy was a new beginning for the company but shortly after NASDAQ delisted the company from the stock exchange. The company attempted a quick sale in order to raise immediate capital but the lenders objected to the deal. The lenders stated that a quick sale on popular franchises like Saints Row, Darksiders, Homefront and Company of Heroes wouldn’t allow for competitive bids and that the IPs should be sold on a title by title basis.

Warner Bros. Interactive (who purchased studios from Midway to form NetherRealm studios in 2009) was one of the interested parties. Others included Electronic Arts, Homefront 2 developer Crytek and Double Fine Entertainment. Crytek was already interested in opening a US based studio and showed interest in purchasing the Homefront franchise for over $500,000 as they have been working on Homefront 2 for some time.

South Park Digital Studios LLC objected to the sale or transfer of its license of South Park: The Stick of Truth to any third party without South Park’s approval, $2.275 Million for defaulted payments and adequate assurances for future performance.

With the final bids in, it’s all up to the lenders and the courts to determine the final outcome of each individual sale. Stay tuned to Gamer Horizon for future updates on where the remaining IPs will end up. The remaining IPs waiting for final sale approval include Darksiders, Red Faction, Homeworld, MX and other owned and licensed software.

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