THQ going under?

[Donut]

Vince McMahon is reportedly furious at THQ because the WWE has been listed as an unsecured creditor. Because of the bankruptcy, the WWE is expected to lose up to $45 million.

The WWE lawyers are going to have a field day with THQ

 

[The Hill]

Rather see Saints Row in Ubisoft's hands than in EA's.

 

[Nathan]

Creditors Call THQ’s Bankruptcy Deal Rigged, Want It Stopped

Creditors don't expect to get everything they're owed when a company enters any form of bankruptcy, but THQ's say they're getting screwed in the publisher's arrangement to sell off its assets and start over. Three creditors have filed objections, reports Gamasutra, and so has the government trustee overseeing the bankruptcy.

The creditors allege THQ and the private equity firm Clearlake Capital Group have rigged the sale, ostensibly an open bidding process, to ensure that Clearlake gets all of the company's assets. They've got a problem with THQ's existing management team staying in control. And they say the whole process has been sped up—and deliberately initiated the week before Christmas—in order to guarantee Clearlake wins out.

All of this, they say, points to a process where THQ and Clearlake are not reorganizing the company in a way that's as fair to creditors as it is to THQ, which is what the bankruptcy process is supposed to be about. The bankruptcy trustee herself says the sale's timing, the fees and expenses to be charged to bidders, and minimum overbid amounts called for "may chill bidding." Other than Clearlake's bid, of course, which gets THQ for $60 million if no one else steps forward.

In short, the creditors want THQ's assets sold for as much as possible, so they take less of a loss when THQ's debts are settled. That would involve a process with multiple bidders buying up parts of the company. THQ and Clearlake want to keep everything together in one transaction.

THQ has called Clearlake's offer an "invest[ment] in a new start for our company," one that allows THQ to finish games like Metro: Last Light and South Park: The Stick of Truth. Clearlake would get the studios, code and game franchises THQ owns and would shoulder the obligations of the contracts it has. (Notably, nothing has been said about the future of the WWE line of games THQ makes, while licensed titles like Stick of Truth have been specifically named as scheduled for completion.)

The creditors have asked the court hearing THQ's bankruptcy to not approve the bidding procedures it has put forth. This would effectively delay the company's sale, to Clearlake or anyone.

Source

 

[hippie_hunter]

THQ's bankruptcy has been denied by the courts on the grounds that it hasn't given any potential bidders enough time to develop offers. Warner Bros. is one of the parties that opposed to the bankruptcy because it wants to obtain some of THQ's properties. Four other companies are also wanting to take a look into THQ's assets. Clearlake on the other hand is opposed to selling THQ a la carte.

The creditors opposing the THQ bankruptcy include Mattel, WWE, and Viacom.

 

[hippie_hunter]

A neoGAF poster who has reported on the situation is stating that Warner Bros. is the main party that is interested in keeping most of THQ. The four other suitors are more interested in cherry picking THQ's assets.

 

[terry78]

I know WB pretty much snatched up most of Midway's Chicago team and turned them into NetherRealm, so they would be in good company.

 

[Havok83]

I really dont think THQ going away is that big of a loss and I dont see why anyone would want them. Id just buy the rights to the Saints Row IP bc thats pretty much the only original thing they have thats worth saving IMO. Everything else is pretty much mediocore or just doesnt sell. Well maybe Red Faction could do well under another developer bc that series fared much better last gen

 

[Soapy]

Metro, Space Marine, Darksiders, Red Faction, Dawn of War, and WWE are all million plus sellers.

 

[zenith16]

what ever I want darksiders saved and for joe mad to finish what he started there and for him to be to marvel what Jim lee is to dc. . but the former is what's important and it's just important as saint's Row. hehe soapy kinda just beat me to it so I won't go on any further it's all a good call by him, He has excellent taste. Preach on soapy.

 

[Nathan]

I hope WB scoops them up. THQ is a studio that deserves to go on. Just alone because of Darksiders and WH40K.

 

[Havok83]

Metro, Space Marine, Darksiders, Red Faction, Dawn of War, and WWE are all million plus sellers.

thats why I said or mediocore. I dont really think theres much special about the rest and I left WWE out bc its a license and not an original IP. It'll be scooped up by someone else when THQ loses it anyway

I hope WB scoops them up. THQ is a studio that deserves to go on. Just alone because of Darksiders and WH40K.

THQ is merely the publisher to those games. Other studios developed them (Vigil and Relic)

 

[hippie_hunter]

Metro, Space Marine, Darksiders, Red Faction, Dawn of War, and WWE are all million plus sellers.

Darksiders was a bomb for THQ. In today's industry, selling 1 million units isn't enough for a lot of games. The first Darksiders game barely broke 1 million and THQ lost a lot of money with the second game. The same with Red Faction, the last couple of games were disasters for THQ financially. THQ doesn't own Warhammer 40k or WWE, so any deal where THQ gets bought will most likely cause licensed IPs to return to the IP holders.

Frankly, anyone who is interested in THQ is more likely interested in Saint's Row, Metro, Homefront, and the ability to mine some of THQ's properties like de Blob and Destroy all Humans for mobile. Financial disasters like Darksiders and Red Faction will most likely be put on short leashes by whomever picks them up for one more chance and see if they can revive those properties with a healthier publisher.

 

[hippie_hunter]

THQ is merely the publisher to those games. Other studios developed them (Vigil and Relic)

THQ owns Vigil and Relic. Anything they make is owned by THQ outright. As long as it's not a licensed property like Warhammer 40K or WWE, whoever buys THQ should pretty much own the IPs to whatever Vigil and Relic have made.

 

[zenith16]

Well then the Darksiders short lived series is just going to end up in a lot of peoples berried treasures lists, if they have them then. And for other people to find.

 

[Havok83]

THQ owns Vigil and Relic. Anything they make is owned by THQ outright. As long as it's not a licensed property like Warhammer 40K or WWE, whoever buys THQ should pretty much own the IPs to whatever Vigil and Relic have made.

I know that. I dont think the entire company of THQ needs to be purchased. Individual IPs seem like a better investment for a prospective buyer as THQ has more duds than good projects IMO

 

[hippie_hunter]

I know that. I dont think the entire company of THQ needs to be purchased. Individual IPs seem like a better investment for a prospective buyer as THQ has more duds than good projects IMO

Agreed.

 

[hippie_hunter]

Courts have set up an auction for THQ's assets to be sold individually on January 22. EA and Warner Bros. are confirmed to be participants for the assets.

 

[terry78]

Better somebody get them then they just go to waste.

 

[Nathan]

I really hope WB gets most of the assets.

 

[Jick]

Me too.
South Park is the only of their games I'm looking forward to, though. I hope the development isn't hindered because of the bankruptcy.

 

[zenith16]

this was asked by GI and yes Darksiders is on that list of ones they want saved

• 
  Where Is The Best Home For THQ's Various Properties?
  
  reader discussion
  on Jan 07, 2013 at 05:55 PM
  168 Views
  
  4
  If you had to pick a home for Darksiders, Saints Row, and the rest of THQ's game library, where would it be?
  ... More

source: GI

 

[hippie_hunter]

THQ's auction is today. Double Fine Games has joined the auction as a potential bidder. South Park Studios is claiming that THQ doesn't have the right to sell the publishing rights to Stick of Truth. There are rumors coming out that Relic Games has been crushed by the auction, will be shutting down, and Company of Heroes 2 will get canned but others are saying that it's not true.

 

[Soapy]

That would be terrible.

 

[Pepsiguy2]

Listen, I ****ing love THQ and I ****ing love the WWE games and I ****ing love Saints Row.

The fact is, I'm perfectly, well, I'm happy if WWE leaves to another company. I'm sure Activision, the leading developer for annual releases, could find a fresh WWE loving studio to develop the games and they could tank or blow THQ's foundation away.

Saints Row could work with Ubisoft or WB. Watch_Dogs looks like it's going to be great, and add all the limits of the current-gen hardware to Saints Row and you'll probably have a game that will demolish the GTA franchise entirely.

I don't care for the rest of the assets, but I think it's time that they move on from the very limited THQ.

 

[TheVileOne]

First Darksiders was good! I like the second but I just don't think it really advanced the story enough and lived up to the promise of the original IMHO.