THQ franchises going up for auction
On 22 January, THQ's franchises will be auctioned off title by title, according to Polygon.
On 22 January, THQ's franchises will be auctioned off title by title, according to Polygon.
It looks to be the real deal for THQ. Although the company filed for bankruptcy towards the tail end of December 2012, it was holding its head high, insisting that business would continue as normal.
However, a tweet from Distressed Debt Investing (DDI) early this morning indicated that Clearwater Capital Group — the company that snapped up THQ's assets earlier this month — has agreed to auction off THQ's franchises, reported gaming website Polygon.
Parties have come to agreement: THQI auction now on Jan 22nd. The auction will allow for piecemeal ("title by title") sales of THQ assets
— Hunter (@DDInvesting) January 7, 2013
According to DDI, the auction is a compromise after several companies complained about the quick sale, stating that Clearwater was not giving anyone else a chance at THQ's assets. THQ, however, said that the quick sale was necessary — that without it, the company would run out of money by the end of the month.
THQ's assets will be auctioned off asset by asset, title by title, rather than as a whole company. Parties wishing to purchase them need to have their bids in by 9am EST on 22 January. The auction will be held at 3pm EST on the same day, with the Sale Hearing to follow at the District of Delaware's US Bankruptcy Court at 9am EST on 23 January.
Companies interested in purchasing THQ's assets reportedly include Warner Bros and Electronic Arts (EA).