Post by Dan @ 10:47am 08/01/13 | 10 Comments
According to reports on the legal challenges of embattled publisher THQ's Chapter 11 bankruptcy proceedings, court rulings have resulted in both an extension of the auction date, and more significantly, the breaking up of the company's assets into "title by title" auctions (thanks Polygon).
THQ's strategy when filing bankruptcy protection had primarily been an attempt to keep the band together so-to-speak, with investment firm Clearlake Capital having calculated a deal to function as a "stalking horse bidder". However, a group of the publishers creditors protested this move, indicating that the requirement to sell the publisher as a complete package limited the opportunity for competitive bids, and the prices their assets could yield if sold piecemeal.
The auction is now set to commence at 3pm January 22nd PST, with bids being only open for "certain assets (titles, studios, e.t.c.)", all but ensuring the splitting up of THQ's studios, games, and franchises. The expected outcome is that some of the more riskier projects may end up shelved, as their development would have needed to rely on capital earned from the more proven lucrative franchises.
THQ's most recent reports claimed to have 10 games in active development, including Metro: Last Light, Company of Heroes 2, South Park: The Stick of Truth, Homefront 2, a new Saints Row game, more Warhammer 40,000 licensed titles, and new IP in the works at both Turtle Rock and THQ Montreal.
Reports have included at least five potential bidders circling the publisher which are presumed to include major games publishers, Electronic Arts, Ubisoft and Warner Bros Interactive Entertainment.