Court OKs $72 Million in THQ Asset Sales Under Bankruptcy

On Thursday, bankrupt video-gamer THQ (NASDAQOTH: THQIQ  ) announced that it has received permission from the U.S. Bankruptcy Court adjudicating its Chapter 11 proceedings to proceed with a sale of almost all its assets to a group of several buyers. Specifically:

  • Relic Studios will be sold to Sega for $26.6 million.
  • Volition and the game Metro: Last Light will go to Koch Media for $22.3 million and $5.9 million, respectively.
  • Crytek will buy the game Homefront 2 for $0.5 million 
  • Evolve, a game now under development at Turtle Rock Studios, will be purchased by Take-Two Interactive Software (NASDAQ: TTWO  ) for $10.9 million
  • THQ Montreal and the game South Park: The Stick of Truth go to Ubisoft for $2.5 million and $3.3 million, respectively.

Thus, all bankruptcy sales, combined, amount to $72 million. To date, no buyer has been found for the company's Vigil Games. It, along with "certain other assets and intellectual properties," remain part of the THQ "estate" and subject to further disposal under Chapter 11.

In total, THQ now puts the estimated value of its entire estate, inclusive of the properties now ready for sale, at $100 million -- substantially above the $60 million stalking horse bid Clearlake Capital submitted last month. Speaking of which, out of this amount, Clearlake Capital will receive a breakup fee of $1 million in compensation for not winning substantially all of THQ's assets.

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