THQ Inc. (OTC: THQIQ) today announced that it will sell certain of its
remaining intellectual properties (IP) via a Court-supervised sale
process. Last month, THQ sold the majority of its studios and games in
development as part of its Chapter 11 case. The company expects to
complete the bidding and sale process for these remaining IP assets by
The company has designated six lots of IP titles for bidding:
Each lot's complete group of titles is listed at the end of this
Interested bidders must provide: 1) complete identification, including
the names of corporate officers or those authorized to act on the
bidder's behalf; 2) written evidence of authority to enter into the
anticipated transaction; and 3) proof of financial ability to perform
the contemplated transaction. Only those bidders who meet all three
requirements will be provided access to confidential information about
each lot of titles once a non-disclosure agreement has been executed.
Documentation meeting these three requirements should be sent to email@example.com.
Initial bids must be submitted by April 1, 2013. Final bids are required
by April 15. The company, in consultation with its unsecured creditors
committee, will determine the best and highest bid for each lot and
designate a back-up bid. In May, the sales will be presented to the
Court for final approval.
THQ Inc. has received more than 100 expressions of interest in
purchasing various titles; consequently, a vigorous sale is anticipated.
The company has established a special clearinghouse at firstname.lastname@example.org
for email questions about the forthcoming sales.
Last month, the Court approved the sales of three of THQ Inc.'s owned
studios and games in development, as well as Evolve, a working title
under development at Turtle Rock Studios, Homefront 2, Metro:
Last Light and South Park: The Stick of Truth. Under the
terms of the agreements with the successful and approved bidders, the
THQ estate received approximately $72 million.
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.
THQ Inc. Caution Concerning Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates and projections about the business of
THQ Inc. and its subsidiaries (collectively referred to as "THQ"),
including, but not limited to, expectations regarding the bankruptcy
case. These statements are based upon management's current beliefs and
certain assumptions made by management. Such forward-looking statements
are subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements, including, but not limited to, the adverse
impact of the bankruptcy case on THQ's business, financial condition and
results of operations, including its ability to maintain customer and
supplier relationships; the level of interest of prospective bidders in
the bidding and sale process for the remaining IP assets; THQ's ability
to obtain bankruptcy court approval in connection with the bankruptcy
case; the actions of THQ's creditors and other third parties with
interests in the bankruptcy case; competitive, economic, legal,
political, and technological factors affecting our industry, operations,
markets, products, or pricing. Readers should carefully review the risk
factors and the information that could materially affect THQ's financial
results, described in other documents that THQ files from time to time
with the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the fiscal period ended March 31, 2012 and subsequent
Quarterly Reports on Form 10-Q, and particularly the discussion of
trends and risk factors set forth therein. Unless otherwise required by
law, THQ disclaims any obligation to update its view on any such risks
or uncertainties or to revise or publicly release the results of any
revision to these forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date of this press release.
THQ Official List of Intellectual Property Available for Bidding
Lot 1 - OWNED SOFTWARE
Lot 2 - OWNED SOFTWARE
Lot 3 - OWNED SOFTWARE
Lot 4 - OWNED SOFTWARE
Lot 5 - OWNED SOFTWARE
Frontlines: Fuel of War
Full Spectrum Warrior 1
Lot 6 - LICENSED SOFTWARE (buyer to pay
any cure costs)
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