THQ bankruptcy saga is over

James

James

MyGaming Alumnus
THQ bankruptcy brought to a close | GamesIndustry International

THQ Inc.'s bankruptcy case was brought to a close at a court hearing in Delaware, U.S. yesterday.

According to a report on Bloomberg, the U.S. Banruptcy Judge Mary F. Walrath gave final approval to a plan that will pay THQ's creditors from the money accrued from the sale of its assets.

Official documents sourced by Bloomberg indicated that unsecured creditors will recoup between 20 per cent and 52 per cent of what's owed. The total claims from unsecured creditors amount to between $143 million and $184 million.

The majority of the company's assets were sold in January, earning a total of $72 million. A further $6.6 million was made from subsequent asset sales, which included the Darksiders franchise.

When THQ went under, it had a promising release schedule with a number of games almost ready for release. With Metro: Last Light, the first of those games hit the market under the guidance of a new publisher - Deep Silver - and the results have been impressive. Last Light's first week sales in the U.S. were better than Metro 2033's lifetime figures.
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It is so sad to read that the game they almost release could have lighten their load a bit in it's 1st week already -- Last Light's first week sales in the U.S. were better than Metro 2033's lifetime figures.
 
It's a real pitty that the industry has lost a competitor. When things like this happen publishers like EA just get more room to screw the consumer.
 
It's always depressing to read when a publisher that is actually quite decent goes under :(

And knowing that they might have pulled through if they managed a bit longer.
 
Sounds like the guy in charge of winding down the company stuffed up. Why sell a completed product to another company, you could get more from day one sales.
 
Ike_009 said:
Sounds like the guy in charge of winding down the company stuffed up. Why sell a completed product to another company, you could get more from day one sales.
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I think that it was sold with much reluctance.

But I don't think that they had a choice in the end.
 
Ike_009 said:
Sounds like the guy in charge of winding down the company stuffed up. Why sell a completed product to another company, you could get more from day one sales.
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Fair question but their job is to wind the company down and get what they can. Selling a product implies a going concern and you would need a solvent company to support selling the product.
 
THQ was always one of those publishers that hovered somewhere between the obscure and the huge mega-corporation. i am still undecided if this is as big a loss as everyone is making out to be...?

in the end you have to feel sorry for the employees more than the gamers, as most of the games worth anything got picked up by other publishers.
 
Fivel said:
Fair question but their job is to wind the company down and get what they can. Selling a product implies a going concern and you would need a solvent company to support selling the product.
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Its actually to get the most they can for the creditors not to close it down fast but to get bang for their buck
 
moment of silence :(

seriously they made some awesome games.

but the udraw was a moerse mistake
 
Fivel said:
Yes ok let's split hairs then. You also cannot drag it out forever either.
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True but an extra month can't hurt and then you can sell a living brand with an actual revenue source vs a potential flop, might have made more that way imo
 
Ike_009 said:
True but an extra month can't hurt and then you can sell a living brand with an actual revenue source vs a potential flop, might have made more that way imo
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Sure, but you need to provide support etc for it. So you incur cost on the chance that you may make money.
 
Very sad to see the name go. They were the publisher that published 2 of my favourite franchises: Saints Row and S.T.A.L.K.E.R.. :(
 
Vampothic said:
I'll say it's my favourite PC game of all time, but, I feel that it's actually my favourite game of all time.
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It's definitely on my list of favourite games. Call of Pripyat was better technologically, and was a lot more polished, but it was Shadow of Chernobyl that sparked my love for the series in the first place.
 
MissileToe said:
It's definitely on my list of favourite games. Call of Pripyat was better technologically, and was a lot more polished, but it was Shadow of Chernobyl that sparked my love for the series in the first place.
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What I like most about it is:

It's not your typical SP FPS. It's a massively non-linear FPS with lots to do. Hence Scavenger. Tresspasser. Adventurer. Loner. Killer. Explorer. Robber.

It sets itself apart from most FPS's style of play.
 
Vampothic said:
What I like most about it is:

It's not your typical SP FPS. It's a massively non-linear FPS with lots to do. Hence Scavenger. Tresspasser. Adventurer. Loner. Killer. Explorer. Robber.

It sets itself apart from most FPS's style of play.
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In some ways it reminded me of TES: Oblivion except minus a lot of the RPG stuff like character creation, skill assignment, progression, leveling up and so on -- which if I'm honest I have to be in the right mood to endure. But you had the quests, the inventory system, and plenty of stuff on the side to keep you busy. It's probably not an FPS/RPG hybrid like Borderlands or something, but it could be described as an FPS with RPG elements to it.
 
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