THQ Liquidation Plan Approved, Publisher is No More - News

by William D'Angelo , posted on 17 July 2013 / 3,967 Views

THQ, the former video game publisher, is no more, according to Bloomberg. Its liquidation bankruptcy plan was approved by a US Bankruptcy Judge Mary F. Walrath. Almost all of the assets were sold off and the proceeds from those sales will be used to pay the creditors.

THQ "has met the burden of establishing that the plan should be approved, and I will confirm it," said Walrath.

THQ had previously hoped to remain in business once the bankruptcy was over by being sold off to Clearlake Capital Group LP. However, that was not successful. When THQ's assets were sold off at auction in January it brought in $72 million. The unsold assets were later sold for $6.6 million.

Despite bringing in $72 million that will not cover all of the debts that are owed. Creditors are expected to get paid between 20 and 52 percent of what they are owed. Creditors are estimated to be owed anywhere from $143 million to $184 million.

However, that amount does not include European subsidiaries which are owed around $107 million. It is not sure whether or not European subsidiaries will be allowed to recover any of their losses.

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JEMC (on 17 July 2013)

Goodbye THQ, and thanks for the memories.

Ganoncrotch (on 17 July 2013)

I wonder will my ToyHeadQuarters NES games go up in value now haha.

IamAwsome (on 17 July 2013)

*sheds tear*

thekitchensink (on 17 July 2013)

Thanks for Wrestlemania 2000 :(

Zappykins (on 17 July 2013)

Good luck everyone. And they would have gotten away with it too, if it hadn't been for the Udraw pad flop on the HD'Twins.

Ganoncrotch (on 17 July 2013)

that was also on the wii lol

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thetonestarr (on 21 July 2013)

Yes, but it was financially viable on the Wii. Problem is, they got greedy and it bit them in the ass.

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