THQ bankruptcy proceedings end as liquidation plan is approved

James Cullinane
THQ bankruptcy proceedings end as liquidation plan is approved

With the approval of a liquidation plan, THQ’s bankruptcy proceedings have come to and end.

US bankruptcy judge Mary F. Walrath approved of the plan, which will pay creditors using the proceeds from sales of THQ's IP, games and assets, according to Bloomberg.

THQ's properties, such as Saints Row, Company of Heroes and the publishing rights to the upcoming South Park video game, were sold off in an auction back in January. Another auction was held in May to sell off any unsold properties.

According to the disclosure statement, unsecured creditors are expected to receive between 20 and 52 per cent of the money they are owed depending on how much they have claimed. Back in April, it was reported that combined claims were for over $200m.

THQ went bankrupt back in December last year, with debts of $248.1m.

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Tags: THQ , liquidation , bankruptcy

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