THQ to be stripped of game assets in major IP auction
7th Jan 2013 | 21:21
Embattled publisher THQ will sell off its key games and assets during a major IP auction set to take place later in January.
The publisher filed for bankruptcy in December and proposed that its assets would be sold to investment firm Clearlake.
However, bankruptcy Judge Mary Walrath ruled against this, following complaints from THQ creditors, leaving the cash-strapped publisher with few options.
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
The auction for THQ's assets will take place on January 22, according to analyst Distressed Debt Investing.
"The auction will allow for piecemeal ('title by title') sales of THQ assets," the group said.
It means that IP such as Saints Row, Homefront and Darksiders can be sold to a rival company that bids most for the IP. It is suspected, though not confirmed, that THQ will also need to auction off its studios.
"EA, a potential buyer of certain titles has completed site visits," Distressed Debt Investing added.
Both Ubisoft and Warner Bros have recently been cited as companies interested in THQ's assets. It is believed that at least five firms have declared an interest.