THQ Sells Off Remaining Assets

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THQ today announced the break down of the $6.55 million sale of its IP assets. Here’s the press release:

THQ Inc. today announced that it has completed the bidding and sale process on certain of its intellectual properties (IP) with three buyers emerging to pay $6.55 million for the six available lots, subject to Bankruptcy Court approval. The company is filing its motions today with the Bankruptcy Court to obtain approval of these proposed sales.
The $6.55 million sale of the IP assets breaks down as follows:

- $4.9 million from Nordic Games Licensing AB, a Swedish-based video games publisher, for Darksiders, Red Faction, MX vs ATV, Other Owned Software (includes Destroy all Humans!, Summoner and more), and Other Licensed Software (includes Marvel Super Hero Squad, Supreme Commander and more);

– $1.35 million from Gearbox Software, LLC, a Plano, Tex.-based developer of interactive entertainment, for Homeworld; and

- $.3 million from 505 Games Srl, an Italian video game publisher, for Drawn to Life and Drawn to Life: The Next Chapter.

The company expects the Bankruptcy Court to hear the sales motions on May 13, 2013 and to finalize the sale transactions thereafter.

On April 18, the company filed its Chapter 11 Plan of Liquidation and Disclosure Statement with the Court. The Plan outlines how certain classes of claims will be satisfied. Once the Court approves the Disclosure Statement, voting on the Plan by certain impaired classes will commence. Both documents are available for review online at www.kccllc.net/thq.

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.

For additional information about THQ, please visit www.thq.com. For information regarding the Chapter 11 case, please visit www.kccllc.net/thq.

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