THQ's Final Liquidation Approved
by Amazon Eliza Steel 8 months ago
Seven months since the troubled game publisher declared bankruptcy on December 19th, U.S. Bankruptcy Judge Mary F. Walrath granted permission to a plan for THQ to pay back some outstanding debts.
"THQ has met the burden of establishing that the plan should be approved, and I will confirm it."
According to Bloomberg, the liquidation agreement would divvy up some $78.6 million in company assets, $72 million of which comes from recent game property sell offs. These sell offs included their popular Saints Row, South Park and Company of Heroes franchises among others.
Remaining properties were sold only a few months ago, including Darksiders for an estimated $6.6 million.
Before the bankruptcy declaration, THQ had an outstanding debt of some $248 million and only an estimated $204.8 million in assets at the time. The balance will be paid to their creditors on a case-by-case basis. Most unsecured investors will recoup between 20%-52% of what they are actually owed.
THQ's overseas investors are still looking to recoup their losses.
Sega said last week they will be suing THQ in regards to Company of Heroes 2 pre-order sales.