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THQ's bankruptcy sale details: Auction on January 22nd, Will Allow Piecemeal Purchase

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SerRodrik

Member
Hilarious comments. Oh no, EA, please don't save THQ games that we want. Please, oh please just let them die!

Going by past experience, everything EA touches turns to shit eventually. It seems reasonable to hope that games you're interested in go to someone else.
 

Tagg9

Member
Going by past experience, everything EA touches turns to shit eventually. It seems reasonable to hope that games you're interested in go to someone else.

Maybe there's enough time for EA to transform Metro LL into a third-person dudebro shooter and release it alongside Dead Space, FUSE, and Army of Two?
 

NaM

Does not have twelve inches...
If EA makes it Origin exclusive, it's as good as dead for me.

I think the main problem is that EA will turn any franchise they buy into whatever they see fit to sell more without giving any fuck if they change the core of said franchise. But it will probably expand any franchise into more platforms (again to sell more but compromising quality), we may see metro as a rail shooter for iOS or something, so there's that.
 
Place yer bets on what will be sold and who will get it.

My predictions:

Saints Row & Volition - EA
Metro Last Light publishing rights - WB Games
Company of Heroes IP & CoH 2 publishing rights - Activision or Sega
Stick of Truth publishing rights - WB Games

Everything else will probably not sell or will be arranged separately (e.g. WWE & 40k licences won't be resold here), so RIP Darksiders and Relic.
 

epmode

Member
How much could the Homeworld IP possibly sell for? It can't be worth much, what with everyone ignoring it for 7239752356 years. Do the right thing, gaben.
 
Place yer bets on what will be sold and who will get it.

My predictions:

Saints Row & Volition - EA
Metro Last Light publishing rights - WB Games
Company of Heroes IP & CoH 2 publishing rights - Activision or Sega
Stick of Truth publishing rights - WB Games

Everything else will probably not sell or will be arranged separately (e.g. WWE & 40k licences won't be resold here), so RIP Darksiders and Relic.

Oh, can we start predicting? OK, OK, here I go:

Saints Row and Volition -- Warner Bros
Metro Last Light -- Warner Bros
South Park: The Stick of Truth -- Warner Bros or Microsoft Studios
Company of Heroes 2 and Relic -- Square-Enix

I don't know if any others will be picked up.
 

LOCK

Member
It makes too much sense for Nintendo to buy Vigil and relocate the studio into Retro's Complex. Both are in Austin, and Vigil would be a good team to acquire.

But alas, it makes too much sense.

EA and Relic would be ok, but I don't know who could take Volition and keep that studio on a path of success.
 

Tensketch

Member
WB buying vigil would be a match made in heaven I think. It just fits in with the companies back catalogue of games.

I would like EA to pick up the WWE rights because as much as I can't stand their recent practices (Bioware, for example), they know how to do sports games, and I think they'll make a WWE game like no other. But as people have said, the game isn't on the list. So I imagine EA will just take it anyway. Could you imagine the next WWE being on the fight night engine? That would be spectacular!

CoH and Saints Row will survive and I believe whoever buys them wont tamper too much with them and just let the respective devs do what they do best.
 

BD1

Banned
I don't care who ends up with the WWF license, they must realize the gold mine they will have by producing an AKI/Syn Sophia game and promote it as such.

Today, only WWF fans buy WWF games. In the N64 era, EVERYONE bought WWF games. The nostalgia sales alone would be huge. Even as a one time release, separate from an annual series.

"WWF WrestleMania HD, developed for the first time in 10 years, by the creators of No Mercy!" = $$$$
 

Wiktor

Member
Yeah, at 60 million or whatever, I think this would be a good investment for MS. After all, they already have an apparent good relationship with South Park Studios (but, also apparent, not as good with Obsidian). Saints Row and Darksiders could be good for them, and Company of Heroes could help on the PC front. I don't know...for the price and as much as Microsoft Studios made off of Halo 4 in the last two months, it might be worth it.

But I'll be happy with whichever company saves them.
God, I hope MS won't buy Relic. If they do, this dev will never again release a PC game.
 

duckroll

Member
I see this is largely playing out exactly how most people expected. Other than THQ's dodgy attempts to manipulate the outcomes, which they got caught on with their pants down anyway. Lol.

It'll be interesting to see the results on the 22nd. Maybe we'll even find out what Patrice has been working on!
 

Degen

Member
I don't care who ends up with the WWF license, they must realize the gold mine they will have by producing an AKI/Syn Sophia game and promote it as such.

Today, only WWF fans buy WWF games. In the N64 era, EVERYONE bought WWF games. The nostalgia sales alone would be huge. Even as a one time release, separate from an annual series.

"WWF WrestleMania HD, developed for the first time in 10 years, by the creators of No Mercy!" = $$$$
Imagine the reaction to them actually calling it "No Mercy 2"

riots in the streets
 
After the 22nd is done and all of THQ's assets are sold off, will THQ rise from the ashes again and start over as a new publisher? Or is it gone for good?

Will anyone want to invest in THQ after this is all settled?
 
After the 22nd is done and all of THQ's assets are sold off, will THQ rise from the ashes again and start over as a new publisher? Or is it gone for good?

Will anyone want to invest in THQ after this is all settled?


At best it will linger on as a decayed remnant of former glory like Interplay and Atari
 
I still want Ubisoft to jump in. For some reason I think that THQ's IPs fit Ubisoft a lot more than EA.

But oh well...I guess, WB would be a good choice too.
I don't want EA to get their dirty fingers anywhere near THQ :(
 
I care about two things:

1. South Park: Stick of Truth being released as intended, Steamworks on PC.
2. Relic being able to continue doing PC only Steamworks enabled strategy titles

Any hope for either? :\
 
I care about two things:

1. South Park: Stick of Truth being released as intended, Steamworks on PC.
2. Relic being able to continue doing PC only Steamworks enabled strategy titles

Any hope for either? :\

1 depends on who picks them up, although becomes unlikely if EA or Ubisoft gets publishing rights. 2 won't happen, since nobody will buy Relic. (ditto Virgil Games)
 
1 depends on who picks them up, although becomes unlikely if EA or Ubisoft gets publishing rights. 2 won't happen, since nobody will buy Relic. (ditto Virgil Games)

Eh I think you're not giving relic it's props they pump out fairly consistant releases that sell to their market (the Dawn of War games are million sellers IIRC).

SEGA would be a good fit for them imo they have Creative Assembly which does good things under them and if they could get relic and the 40k license they would have both big GW licenses.
 
I care about two things:

1. South Park: Stick of Truth being released as intended, Steamworks on PC.
2. Relic being able to continue doing PC only Steamworks enabled strategy titles

Any hope for either? :\

If EA bought the publishing rights to South Park, it would still receive a release on Steam since it would be through their horrendous EA Partners program. Consequently, the marketing budget would dry up, putting Obsidian in the same position they're always in.

The second one isn't happening. The best you're hoping for is that Ubisoft buys Relic and CoH and runs it like their Anno franchise? It's almost a foregone conclusion that if any publisher buys Relic, etc., it will result in their games going multiplatform.
 
I hope Ubisoft and EA do not end up with any of the properties. That would be very sad, very very sad. :(

Why?

They are publishers that can support and distribute the larger IP's that THQ is losing. Darksiders at UBI seems like a natural fit.
 

Busty

Banned
My predictions:
Metro Last Light publishing rights - WB Games

Why would WB bother with this from a business stand point? THQ don't own the Metro IP they just licence it.

Unless they could pick it up for cents on the dollar I don't see them picking this title up individually to publish.

WB, much like EA, will be it for 'all or nothing'.
 

Shard

XBLAnnoyance
THQ will sell whole unless asset bids exceed Clearlake offer
http://www.joystiq.com/2013/01/08/thq-auction-details/

THQ confirmed this morning the details of yesterday's reported bankruptcy proceedings and noted the a la carte purchasing of the company will only occur if it exceeds a whole buyout.

As things stand now, we know that private equity firm Clearlake Capital Group has offered "$60 million, including a new $10 million note for the benefit of the company's creditors." What this means is that anybody offering more for the whole of the company can take THQ from the cushy speed agreement made between company executives and Clearlake. There's also the very real possibility that Electronic Arts, along with Warner Bros and other bidders, could collaboratively purchase THQ's intellectual property (Saints Row, Darksiders, Metro) and studios (Volition, Relic). If those bids exceed Clearlake's total (and Saints Row is definitely getting any player most of the way there) that's it for THQ.
 
THQ will sell whole unless asset bids exceed Clearlake offer
http://www.joystiq.com/2013/01/08/thq-auction-details/

Joystiq said:
THQ confirmed this morning the details of yesterday's reported bankruptcy proceedings and noted the a la carte purchasing of the company will only occur if it exceeds a whole buyout.

As things stand now, we know that private equity firm Clearlake Capital Group has offered "$60 million, including a new $10 million note for the benefit of the company's creditors." What this means is that anybody offering more for the whole of the company can take THQ from the cushy speed agreement made between company executives and Clearlake. There's also the very real possibility that Electronic Arts, along with Warner Bros and other bidders, could collaboratively purchase THQ's intellectual property (Saints Row, Darksiders, Metro) and studios (Volition, Relic). If those bids exceed Clearlake's total (and Saints Row is definitely getting any player most of the way there) that's it for THQ.

The $10 million note has been withdrawn, as was posted earlier in this thread.

Edit: Quoting Nirolak's post for the new page.

The OP has been updated with more information:

Distressed Debt said:
After adjourning its first hearing today, THQ reconvened at 3:00PM and announced that a compromised was made among various parties. A form of order has yet to be presented but the general takeaways:

Bids are due 9am January 22nd
Auction will be held 3pm on January 22nd
Sale Hearing January 23rd at 9am
The auction will allow for bidders to bid on only certain assets (titles, studios, etc) in the auction

Other details from the hearing concerned the minimum overbid which was reduced as well as the extension of Clearlake Capital's DIP term loan to January 25th (as an over-advance line).

In the morning hearing, it was announced that Clearlake Capital's bid would remove the $10M 2% note they originally had offered in exchange for extending the auction deadline. One thing to note: It remains to be seen how much secured debt (and for that matter assumed liabilities) will there actually be on the auction date. It was noted in the hearing this morning the company has begun the "slow pay" its bills which would alleviate need for cash but in theory increased assumed liabilities to a purchaser. As has been noted in the hearing, Clearlake can pick and choose which liabilities its assuming, but their counsel did note that it would be a more concrete number (to determine overbids) at the auction.

Currently bonds are trading in the 15-16 context. I had heard from traders on Friday that bonds were difficult to find (the issue is only $100M) but some bonds have traded this morning.

For bondholders, the only recovery (under Clearlake's stalking horse bids) they were going to receive was the $10M promissory note which seems to have been pulled away. If any of the parties involved (so far EA, Warner Brothers have been named in court) bid for all or just some of the titles, there is a chance bond holders could see a recovery here. Exact bid procedures have yet to be filed so I do not have a good assessment on how bids will be evaluated.

For instance, what happens if two studios are purchased for an aggregate consideration more than Clearlake's bid but the remaining studios need to be wound down? That may actually drain resources from the estate for wind down expenses.

For what its worth, when I first saw Clearlake's bid I wanted to be an LP in their fund because they would make a fortune off their purchase price. Given the way cash flows will begin to pick up (and possibly roll in if they are successful, not to mention cash already overseas) at THQI after their two releases in the first half of this year, with which a lot of developmental costs have been already spent, the return to Clearlake would have been impressive.

A few questions remain: Where are the massive swings in potential unsecured liabilities (from the first day affidavit) from Europe arising from? No one has given me a good answer on that. Why hasn't bond holders (or strategics for that matter) stepped up with their own DIP?

As we get more answers, we will update readers, especially after new items hit the docket.


Source: http://www.distressed-debt-investing.com/2013/01/distressed-debt-thq-bankruptcy-update.html
 
If only Nintendo would focus on the west and buy some of these IPs..
Failing that ( incredibly unlikely) option, I think a lot of THQ's franchises would fit Ubisoft well.
 
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