All the sessions from Transform 2021 are available on-demand now. Watch now.
THQ will sell off its hollowed-out remains in a court-approved liquidation. This ends its bankruptcy and marks the official end of the company.
At a hearing in the Delaware bankruptcy court, Judge Mary F. Walrath approved THQ’s plan, which will sell off nearly all of the company’s remaining assets and give the proceeds to the publisher’s creditors, according to Bloomberg.
“THQ has met the burden of establishing that the plan should be approved, and I will confirm it,” said Walrath.
The plan proposes to recover 20 percent to 52 percent of the money owed to unsecured creditors depending on how much they are owed.
Three top investment pros open up about what it takes to get your video game funded.
In December, THQ filed for bankruptcy. The company planned to immediately sell its assets to Clearlake Capital, which intended to keep THQ together as one company. The publisher’s creditors objected to that sale. Those lenders suggested they would get more money if THQ was sold off in pieces, and the court eventually agreed.
In January, a court-ordered auction saw most of THQ’s properties shuffled off to other corporations.
GamesBeatGamesBeat's creed when covering the game industry is "where passion meets business." What does this mean? We want to tell you how the news matters to you -- not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. How will you do that? Membership includes access to:
- Newsletters, such as DeanBeat
- The wonderful, educational, and fun speakers at our events
- Networking opportunities
- Special members-only interviews, chats, and "open office" events with GamesBeat staff
- Chatting with community members, GamesBeat staff, and other guests in our Discord
- And maybe even a fun prize or two
- Introductions to like-minded parties