THQ's Quick Sale Denied, Individual Franchises Up for Offer
Unfortunately, THQ's plan to keep its assets isn't working out.
Despite it barely being the dawn of a new year, THQ's having as little luck in 2013 as it did in 2012. In the past year, amid bouts of layoffs, the struggling publisher's dealt with poor sales and tanking stock shares. Bringing in Jason Rubin to the helm of the company as president has done relatively little to turn the company's fortunes around.
Recently, the company filed for Chapter 11 bankruptcy, allowing the company to continue its regular operations, and announced a quick fire sale to stalking horse bidder Clearlake Capital Group. If the bankruptcy and sale were to be approved in court, THQ would be able to retain its properties and remain intact.
THQ's plan to keep itself together has been foiled by Judge Mary F. Walrath, who denied the sale after THQ investors and creditors filed an objection. The judge ruled that the speed of the sale didn't allow for other prospective bidders time to get involved in the sale.
The judge has set an auction date of January 22nd for THQ's assets to be sold individually. Some of the bidders include Warner Bros. and EA, who purchased THQ's UFC license earlier in mid-2012.
THQ has plenty of valuable assets up for grabs, including the Company of Heroes franchise, the sandbox satire Saints Row, and the upcoming South Park: Stick of Truth title in development at Obsidian Entertainment. And here's to hoping for the best outcome for THQ subsidiaries Relic Entertainment, Vigil Games, Volition, and THQ Montreal.