[Update] Breaking: New information regarding the upcoming asset bid has come to light, with details on how THQ and Clearlake’s original buyout roadmap could go ahead as planned. Details below. [End of Update Update]
In the dying moments of 2012, THQ announced that the publisher was filing for bankruptcy in a move to sell its assets to affiliates of investment firm Clearwater Capital Group.
The deal would involve a $37.5 million ‘debtor-in-possession’ agreement with Wells Fargo and Clearlake (the former of which is owed substantial loan repayments by THQ) allowing the publisher to continue to run as normal, while Clearlake would make an official bid to wholly purchase THQ’s assets, essentially bundling them all together under one roof and allowing THQ continued access to its properties in the future.
Following objections levied by THQ’s creditors and potential bidders interested in THQ’s properties, the deal has been declared unfair and at least a little illogical – from the standpoint of a bankruptcy claim, it would make more sense to sell off THQ’s assets individually in the hopes of reaping a greater profit, which in turn would make paying off individual debts (in the position of a debtor-in-possession) easier.
This of course means that THQ runs the very real risk of losing its collection of intellectual property as interested bidders such as EA, Warner Bros. Interactive and Ubisoft circle the publisher’s assets.
The official open auction for THQ’s assets will take place on January 22nd, following an extension from January 15th – a timeline declared too ambitious by bankruptcy Judge Mary F. Walrath to allow for a suitable number of bids to be submitted.
Lips Will Be Licked
The Saints Row franchise would probably be the most lucrative license in THQ’s lot, while currently-in-development games such as Metro: Last Light, Company of Heroes 2 and South Park: The Stick of Truth would be up for grabs.
THQ also had a number of other projects in development at internal and partner studios, including Homefront 2 and a new game by Assassin’s Creed lead creative, Patrice D