THQ's liquidation plans get court approval
3:15 PM on 07.17.2013 // Abel Girmay
And it just keeps going
At a hearing held in Wilmington, Delaware, THQ was granted final approval for its liquidation approval plan, effectively marking the end of the publisher's bankruptcy case.
Most of you will remember that the defunct publisher lost in its bid to survive with all of its IP and assets intact, which the company proposed by selling itself over to the Clearlake Capital Group LP. Instead most franchises of note were sold off at auction last January. This piecemeal sale generated around $72 million, with an additional $6.6 million between Darksiders, Homeworld, and other IP during an April sale.
The company is far from out of the woodwork, however. There are still legal battles to be fought between unsecured creditors, who have claims ranging from $143 and $184 million, and THQ's European subsidiaries.
THQ Gets Approval of Liquidating Plan Ending Bankruptcy [Bloomberg] Setup email comments
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