Wed, Jul 17, 2013 | 04:14 BST
And the THQ bankruptcy crisis comes to an end, finally
Bloomberg is reporting that U.S. Bankruptcy Judge Mary F. Walrath has approved of THQ’s liquidation plan, which involves using the $72 million they made from the sale of their assets, like the studio Volition and game Metro: Last Light, at auction earlier this year to pay a portion of what they owe to creditors, which is way more than that amount.
Their unsecured creditors will be receiving somewhere between 31.5 percent and 51.9 percent of what they’re owed. What’s left of THQ alleges that European units should be able to satisfy their own debts, and if that’s the case then THQ will actually have some money left over to pay out to shareholders. The Europeans are disputing that aspect of this, though that won’t be sorted out probably until the liquidation plan is actually complete, mostly likely in a couple years.
In any case, the bankruptcy is over, and that’s that. A more detailed explanation of all this at Bloomberg.
Oh, and Sega is suing the THQ zombie, as well.