While THQ’s financial woes were no secret, last month’s news of their filing for Chapter 11 bankruptcy did catch the gaming world by surprise. The publisher entered into a bidding agreement to sell all game licenses, studios, and assets to Clearlake Capital Group for approximately $60 million. That sum included a $10 million note to pay off THQ’s long list of creditors and investors. However, complaints were raised that the proposed deal was created more for purpose of keeping THQ’s operations in one piece rather than paying off their debts. The sale was blocked by a Delaware judge last week, stating that the agreements between THQ and Clearlake did not offer other potential buyers enough time to enter bids.
The drawn out process of THQ’s demise took another step towards some form of closure today. As reported by Distressed Debt Investing, Clearlake and THQ’s creditors have agreed upon the piecemeal auctioning of THQ’s titles on January 22nd. That means that each of the publisher’s remaining franchises, including Saints Row, Darksiders, and Homefront, will be sold off individually to the highest bidder. Reportedly, Ubisoft, Activision, Electronic Arts, and Warner Brothers have all shown an interest in one or more THQ’s game licenses and spent the past weekend researching and preparing bids.
So what are your thoughts, single-players? It’s unfortunate to see THQ picked apart in this fashion, but where do you think the pieces will end up? Which publisher do you want to see take over your favorite franchises? Let us know your thoughts. In the meantime, we’ll be sure to stay on top of this story and let you know where the pieces falls.