Topic: THQ in default with Wells Fargo over $50 million credit facility

[TJ Spyke]

Some creditors are objecting to the sale of THQ to Clearlake Capital. They say THQ is minimizing the ability to pay off debts by choosing to stay in business instead, and by refusing to do anything less than sell the entire companies (the creditors want THQ to be willing to sell off specifics IPs or assets). Another creditor objected to the quick sale (January 10) because it doesn't give people/companies other than Clearlake time to put together offers, and the fact that THQ's deal with Clearlake means they have to pay Clearlake $2.25 million if another company beats Clearlake in the bidding.

http://www.gamesindustry.biz/articles/2013-01-03-thq-creditors-us-trustee-object-to-quick-sale?utm_source=newsletter&utm_medium=email&utm_campaign=us-daily

[TJ Spyke]

Now it appears that Warner Bros. is one of the companies interested in buying THQ:

http://www.gamespot.com/news/warner-bros-among-interested-thq-bidders-6402049

[BranDonk Kong]

Mortal Kombat vs WWE CONFIRMED

[Louieturkey]

More like they want an IP or two from THQ, not the whole thing.  EA is also rumored to be ready for an auction of IPs.

[TJ Spyke]

But THQ is intent on not doing that, they only want to sell the entire company.

[Shaymin]

They're in chapter 11. At this point, it's not their call.

[TJ Spyke]

If the court approves their debt plan, it is. If the court thinks they would be better able to pay their debts being sold whole, the judge could approve it.

[Kytim89]

Here are a list of potential buyers for THQ's IPs and studios according to IGN:


http://www.ign.com/articles/2013/01/07/where-will-thqs-games-and-studios-go

[shingi_70]

http://www.thesangreal.net/gafpics/thqcontracts.pdf

PDF explaining the contracts of the sale happening today.

Noticed that in the article in mentions THQ having Durango Dev kits most likely for Turtle Rock'a s new game, the game from Patrice desilets, and probably homfront 2.

[shingi_70]

So in less than an hour THQ is dead.

[TJ Spyke]

Not confirmed, but reports say Take-Two will get the WWE license: http://pwtorch.com/artman2/publish/WWE_News_3/article_67725.shtml

[TJ Spyke]

THQ President Jason Rubin says they will spend the next few weeks continuing to try and sell the IPs that were not acquired in the auction, and says that the studio might have been able to survive if the court had approved the original plan to sell the entire company to Clearlake Capital: http://www.gamesindustry.biz/articles/2013-01-24-thq-ip-still-in-need-of-new-homes?utm_source=newsletter&utm_medium=email&utm_campaign=us-daily

[BranDonk Kong]

Sega Sports WWE 2K14 featuring ESPN CONFIRMED.

[TJ Spyke]

Take-Two Interactive has officially acquired the WWE license, and will hire the Yuke's employees who worked on the WWE games. Also in the article, a THQ attorney estimates the remaining assets THQ still owns to be about $29 million.

http://www.bloomberg.com/news/2013-02-13/take-two-to-take-over-development-of-wwe-games-from-thq.html