THQ to Receive $6.55 Million in Sale of Certain Intellectual Properties to Nordic Games, Gearbox Software, and 505 Games
THQ today announced that it has completed the bidding and sale process on certain of its intellectual properties 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, 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, a Texas-based developer of interactive entertainment, for Homeworld.
• $0.3 million from 505 Games, 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.
THQ and its domestic business units filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware on December 19, 2012.
Nordic Games CEO Lars Wingefors has released the following statement:
“First and foremost we are very happy about this deal which also turns over a new leaf for the entire Nordic Games Group. In the long term, we either want to cooperate with the original creators or best possible developers in order to work on sequels or additional content for these titles. A very important point for us is not to dash into several self-financed multi-million dollar projects right away, but rather to continue our in-depth analysis of all titles and carefully selecting different financing models for developing new installments of acquired IPs."