THQ Assets Sold, Bankruptcy Proceedings Continue

thqSo THQ as a company still exists under its Chapter 11 Bankruptcy provisions but unfortunately it is a much smaller entity than it was. All of the assets of THQ were to be sold off at Auction on the 22nd of January and as of now that process is nearly complete. The bankruptcy court still has to approve the final purchases but the early estimates put the sales above what the private capital group was going to be purchasing THQ for which means the sales will hold.

Of the major assets sold, with Relic (of Warhammer 40K, Homeworld, and Company of Heroes fame) going to Sega and Volition (makers of Saint’s Row) going to Deep Silver, Vigil was one of the few assets not sold. According to a letter by the CEO of THQ, this unfortunately means those working at Vigil are out of a job effective immediately. THQ itself will only be keeping approximately 25 employees as a HQ staff pending the end of the sales.

THQ still has a chance at survival as a company if the remaining assets are picked up by someone since they are under Chapter 11 Bankruptcy. At the moment though, there are no more bidders for their assets so it remains up in the air as to what will happen.

The winners of the various assets are:

1) Relic and the 40K license goes to Sega
2) Volition and the Metro license/game goes to Deep Silver
3) Homefront franchise goes to Crytek
4) THQ Montreal and the South Park “Stick of Truth” game go to Ubisoft