Amit
January 23rd, 2013, 09:11 PM
This is some of hardest news to read in a long time. THQ's bankruptcy dealings took a turn for the worse when THQ's own creditors intervened and told the bankruptcy judge that THQ wasn't doing enough to maximize the sale of the company:
THQ’s hopeful quick sale to the equity firm Clearlake was in trouble, following objections raised by a US Trustee and the publisher’s own creditors. Today, a US judge has upheld those objections, saying the proposed sale process hasn’t given potential buyers enough time to make a bid.
The Clearlake sale was scheduled to complete this week, but US bankruptcy judge Mary F. Walrath has found in favour of the creditors, noting that the aggressive timetable had pushed out other interested parties. “I have problems concluding that the pre-petition sale process was fulsome,” she said, finding problem with the way THQ “did not even put out to the public that it was for sale” until after Clearlake had signed a non-disclosure agreement over the deal.
Walrath cited 10 possible buyers that had contacted THQ following its bankruptcy, saying this was evidence that the publisher wasn’t doing everything it could to maximise the sale price. She also queried THQ’s desire to be sold wholesale, saying “individual titles may have substantial value,” and adding that the requirement to purchase the company in its entirety “may depress bids.”
Source (http://www.pcgamer.com/2013/01/07/thqs-quick-sale-blocked-in-response-to-creditors-complaints/)
So basically, the judge and creditors give fuck all about keeping together what made THQ, THQ. The company hoped to be sold as one large mass to another company quickly so that publishing and development of games wouldn't be interrupted. Obviously, the judge doesn't appear to care what THQ is going to do after they make the sale, but only wants to force it to hack itself to bits to maximize the sale. And where do they go from there, good judge?
Here's who got what:
Company of Heroes and Warhammer 40,000 developer Relic Entertainment is going to Sega.
Saints Row developer Volition, Inc. and the Metro series are going to Koch Media (Deep Silver).
The Homefront franchise is going to Crytek.
THQ Montreal and the South Park license are going to Ubisoft.
Evolve, a game in development by Turtle Rock Studios (which worked on Left 4 Dead), is going to Take-Two Interactive.
THQ will “make every effort to find appropriate buyers” for its remaining assets, such as Darksiders developer Vigil Games.
Source (http://www.pcgamer.com/2013/01/24/thq-dissolves-auctions-off-properties-heres-who-got-what/")
I guess it's not so bad that SEGA got the most important division of THQ, Relic Entertainment, but I'm also alright with Metro devs going to Koch Media. Crytek was already developing the new Homefront, so no surprises there. Ubisoft is definitely going to fuck up South Park, so get over it now.
24 years gone by the swipe of a pen.
THQ’s hopeful quick sale to the equity firm Clearlake was in trouble, following objections raised by a US Trustee and the publisher’s own creditors. Today, a US judge has upheld those objections, saying the proposed sale process hasn’t given potential buyers enough time to make a bid.
The Clearlake sale was scheduled to complete this week, but US bankruptcy judge Mary F. Walrath has found in favour of the creditors, noting that the aggressive timetable had pushed out other interested parties. “I have problems concluding that the pre-petition sale process was fulsome,” she said, finding problem with the way THQ “did not even put out to the public that it was for sale” until after Clearlake had signed a non-disclosure agreement over the deal.
Walrath cited 10 possible buyers that had contacted THQ following its bankruptcy, saying this was evidence that the publisher wasn’t doing everything it could to maximise the sale price. She also queried THQ’s desire to be sold wholesale, saying “individual titles may have substantial value,” and adding that the requirement to purchase the company in its entirety “may depress bids.”
Source (http://www.pcgamer.com/2013/01/07/thqs-quick-sale-blocked-in-response-to-creditors-complaints/)
So basically, the judge and creditors give fuck all about keeping together what made THQ, THQ. The company hoped to be sold as one large mass to another company quickly so that publishing and development of games wouldn't be interrupted. Obviously, the judge doesn't appear to care what THQ is going to do after they make the sale, but only wants to force it to hack itself to bits to maximize the sale. And where do they go from there, good judge?
Here's who got what:
Company of Heroes and Warhammer 40,000 developer Relic Entertainment is going to Sega.
Saints Row developer Volition, Inc. and the Metro series are going to Koch Media (Deep Silver).
The Homefront franchise is going to Crytek.
THQ Montreal and the South Park license are going to Ubisoft.
Evolve, a game in development by Turtle Rock Studios (which worked on Left 4 Dead), is going to Take-Two Interactive.
THQ will “make every effort to find appropriate buyers” for its remaining assets, such as Darksiders developer Vigil Games.
Source (http://www.pcgamer.com/2013/01/24/thq-dissolves-auctions-off-properties-heres-who-got-what/")
I guess it's not so bad that SEGA got the most important division of THQ, Relic Entertainment, but I'm also alright with Metro devs going to Koch Media. Crytek was already developing the new Homefront, so no surprises there. Ubisoft is definitely going to fuck up South Park, so get over it now.
24 years gone by the swipe of a pen.