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Bloomberg: THQ Wins Court Approval to Sell Assets for $72MM

January 24, 2013, 07:28 AM
Filed Under: Bankruptcy

Bloomberg reports THQ Inc., the bankrupt video-game maker, will be split up after winning court approval to sell most of its assets to multiple buyers for about $72 million, topping an offer that would have kept the company intact.

U.S. Bankruptcy Judge Mary F. Walrath in Wilmington, Delaware, approved the sales on Jan.23, saying “I am convinced the market has spoken and that the offers were the highest and best for the assets.”

THQ’s Relic Entertainment Inc. studio, which makes real- time strategy games including the “Company of Heroes” franchise, brought in the most at the recent auction, selling to Sega Sammy Holdings Inc. (6460) for $26.6 million.

THQ said it was forced to seek bankruptcy protection after sustaining losses for the past five fiscal years. The company listed assets of $204.8 million and debt of $248.1 million when it sought court protection on Dec. 19.

View the Bloomberg story in its entirety.

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