THQ bankruptcy sale approved

THQ bankruptcy sale approved - 2013-01-24 16:12:15

 After being pulled apart game by game yesterday, THQ backruptchy sales have been approved.

Court Judge Mary F. Walrath granted a motion to approve the majority of sales to multiple buyers, according to a press release this morning. Three of THQ’s owned studios and games in development were approved, as well as Evolve under development at Turtle Rock Studios, Homefront 2, Metro: Last Light and South Park: The Stick OF Truth. 

Brian Farrell, Chairman and CEO of THQ, has said that despite the company breaking apart, he’s confident their games will still make an impression on the gaming industry. 

“While we had hoped that the restructuring process would allow the company to remain intact, I am heartened that the majority of our studios and games will continue under new ownership. It has been my pleasure to work alongside this great group of people, and I am proud of the imaginative and artistic games that our team has created. Although we will no longer be able to work together with a unified mission, I am confident that the talent we have assembled will continue to make an impression on the video game industry. For those whose positions are not likely to continue, I sincerely regret this outcome and we will be meeting with you over the next few days to discuss the transition.”

Jason Rubin, President of THQ had to add, “I was brought in eight months ago to help turn this ship around, and while I’m disappointed that we could not effect a sale for the entire operating business, I am pleased that the new buyers will be providing jobs to many of our very talented personnel. When we first announced the sale process, I said I would be happy if the company’s games and people had a bright future, even if it meant I did not have a job at the end of it. And I still feel that way.”

The sales approved since yesterday are as followed:

Sega: Sale of Relic Studio for $26.6 million, and secondary big by Zenimax for $26.3 million.

Koch Media: Sale of Volition Inc. for $22.3 million and Metro: Last Light for $5.9 million, both with secondary bids by Ubisoft for $5.4 million and $5.175 million. 

Crytek: Sale of Homefront 2 for $0.5 million. 

Ubisoft: Sale of South Park: The Stick Of Truth for $3.3 million and THQ Montreal for $2.5 million.

Take 2: Sale of Evolve for $10.9 million, and secondary bid by Turtle Rock Studio for $250,000.

Not included in the sale was Vigil Games, which will stay with the THQ estate and continue into the Chapter 11 process, but will continue to seek buyers if possible. The new owners of THQ’s games and licenses haven’t mentioned if they will be extending employment to THQ employees, but hope that they will extend the offer.

THQ will continue to employ a small staff at headquarters beyond Jan. 25 to help with the transition.

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