THQ Officially Dead as Bankruptcy Case Ends
THQ has been out of business for more than six months, but is now officially dead as a judge has approved the liquidating bankruptcy plan. In a hearing today, Judge Mary F. Walrath granted approval of the plan, which pays creditors with the money gained at an auction which sold off THQ’s assets.
THQ, makers of the first three Saints Row and Company of Heroes, had tried to remain intact during the bankruptcy by selling the company to Clearlake Capital Group LP. However, the plan was denied and instead THQ’s assets were auctioned off to rival publishers earlier this January. The auction brought in approximately $72 million. One of the titles held from the auction was Darksiders, but was later sold in April for $6.6 million, bringing the grand total to around $78 million.
These new developments bring little relief to the now defunct THQ’s creditors, who are expected to receive 20% to 52% of what they are owed, depending on the amount of claims allowed.