THQ liquidation proposal approved by court

THQ liquidation proposal approved by court
Aaron Lee

By Aaron Lee

July 17th 2013 at 1:05PM

But claims from European subsidiaries may lower the overall payout

Erstwhile publisher THQ has had its liquidation proposals approved by a Delaware court bringing its bankruptcy case to a close, Bloomberg reports.

The plan was approved by US bankruptcy judge Mary F. Walrath, and means that THQ’s long list of creditors will receive payment from the liquidation of the publisher’s assets.

THQ auctioned off key franchises and studios – such as Saints Row, Homefront and Relic – in January, amounting to $72 million. It also sold off remaining titles and publishing rights for more than $6.55 million during other sales in April.

The company’s creditors are believed to receive somewhere in the region of 20 and 52 per cent of the amount owed, depending on the amount of their claim and other factors, Bloomberg states.

Total claims range from $143 million to $184 million, with THQ’s European subsidiaries submitting claims of $107 million, which, if allowed, may lower the overall payout percentage.

THQ filed for bankruptcy protection in December 2012.

THQ’s assets and studios were later sold piece by piece to bidders that include Sega, Ubisoft, Koch Media, Take-Two Interactive, Gearbox Software and others.