Are you ready for the Company of Heroes franchise with Ubisoft, Darksiders with Warner Bros. and South Park: The Stick of Truth and Metro: Last Light with Electronic Arts? That is a very real possibility as news from THQ’s bankruptcy proceedings on Monday revealed that an auction will take place on Jan. 22 where all of the publisher’s games will be sold off individually.
Distressed Debt Investing has been in the courtroom during THQ’s bankruptcy proceedings tweeting the latest decisions between U.S. Bankruptcy Judge Mary F. Walrath, THQ and its creditors. Walrath blocked the proposed quick sale of THQ to an interested party associated with Clearlake Capital Group following a series of complaints from debt holders. The move would have allowed THQ to stay whole as president Jason Rubin had hoped. Instead, it looks like we can say goodbye to THQ and hello to new homes for many franchises.
One of the interested parties in the properties includes Electronic Arts who reportedly completed site visits at THQ’s headquarters. Warner Bros. was revealed to be a suitor as well during the court proceedings on Friday.
President Jason Rubin has tried to right the financial ship since he came on board from Naughty Dog in May 2012. Despite dumping family titles, selling the UFC rights and trying to focus on making quality core titles, THQ could not recover from the mistakes of past management including the ill-fated uDraw tablet.
[Via: DDInvesting Twitter]