THQ INC. To Sell Certain Remaining Intellectual Properties
THQ Inc. (OTC: THQIQ) today announced that it will sell certain of its remaining intellectual properties (IP) via a Court-supervised sale process. Last month, THQ sold the majority of its studios and games in development as part of its Chapter 11 case. The company expects to complete the bidding and sale process for these remaining IP assets by mid-May.
The company has designated six lots of IP titles for bidding:
- Red Faction;
- Other Owned Software, including Big Beach Sports, Destroy All Humans!, Summoner, and more; and
- Other Licensed Software, including Marvel Super Hero, Supreme Commander, Worms, and more .
Each lot’s complete group of titles is listed at the end of this announcement.
Interested bidders must provide: 1) complete identification, including the names of corporate officers or those authorized to act on the bidder’s behalf; 2) written evidence of authority to enter into the anticipated transaction; and 3) proof of financial ability to perform the contemplated transaction. Only those bidders who meet all three requirements will be provided access to confidential information about each lot of titles once a non-disclosure agreement has been executed. Documentation meeting these three requirements should be sent to firstname.lastname@example.org .Initial bids must be submitted by April 1, 2013. Final bids are required by April 15. The company, in consultation with its unsecured creditors committee, will determine the best and highest bid for each lot and designate a back-up bid. In May, the sales will be presented to the Court for final approval. THQ Inc. has received more than 100 expressions of interest in purchasing various titles; consequently, a vigorous sale is anticipated. The company has established a special clearinghouse at email@example.com for email questions about the forthcoming sales. Last month, the Court approved the sales of three of THQ Inc.’s owned studios and games in development, as well as Evolve, a working title under development at Turtle Rock Studios, Homefront 2, Metro: Last Light and South Park: The Stick of Truth. Under the terms of the agreements with the successful and approved bidders, the THQ estate received approximately $72 million. THQ and its domestic business units filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware on Dec. 19, 2012.
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