Video game developer/publisher THQ.
THQ has received clearance from a U.S. bankruptcy court on an auction that could see the video game publisher's assets split apart.
The company confirmed bids for THQ assets will be accepted until Jan. 22 at 9 a.m. ET. Later that day, an auction will determine whether THQ remains in the publishing business or drops off like former publisher Midway.
In their statement, THQ says individual bids will be accepted if they exceed the initial bid for the entire company. Last month, THQ announced it was filing for Chapter 11 bankruptcy, reaching a deal in which all its assets would be purchased by Clearlake Capital Group L.P. for about $60 million.
"Today's ruling provides a clear path. We will now know definitively by Jan. 23rd where we stand," said THQ CEO Brian Farrell in a statement. "We appreciate the support of our employees, partners, and suppliers now more than ever."
THQ boasts several notable video game properties, including the open-world action franchise Saints Row, the upcoming role-playing game South Park: The Stick of Truth and licensing rights to make video games based on World Wrestling Entertainment (WWE).
According to a report from Bloomberg, publishers interested in THQ assets include Electronic Arts and Warner Bros. Interactive. Earlier this year, EA acquired the rights to develop games based on the Ultimate Fighting Championship (UFC) from THQ. In 2009, Warner Bros. snagged the rights to several properties from defunct publisher Midway, including the fighting game franchise Mortal Kombat.
- by Brett Molina, USA TODAY