Bidding is underway on audiovisual production, computer equipment, video editing systems, office furniture and other assets formerly owned by Süperfad and THQ. Tiger Group is conducting the auction.
Bloomberg reported that U.S. Bankruptcy Judge Mary F. Walrath granted THQ approval of its liquidation plan. The plan reportedly pays creditors from the proceeds of the sale of THQ assets to former competitors.
THQ said it has completed the bidding and sale process on certain of its intellectual properties with three buyers emerging to pay $6.55 million for six available lots, subject to bankruptcy court approval.
THQ announced that it will sell certain of its remaining intellectual properties via a court-supervised sale process. The company expects to complete the bidding and sale process for these remaining IP assets by mid-May.
Entertainment software developer, THQ received approval from the U.S. Bankruptcy Court of Delaware for the sale of the majority of its assets to multiple buyers. The auction took place January 22-23 and is expected to close on January 24.
Bloomberg reported that U.S. Bankruptcy Judge Mary F. Walrath denied approval of THQ’s DIP loan and quick bankruptcy sale bid. Walrath said in her ruling that the quick sale did not give potential bidders enough time and that THQ did not make its pre-petition sale process public.
U.S. Bankruptcy Judge Mary F. Walrath in the U.S. Bankruptcy Court in the District of Delaware provided interim approval for THQ to use $6.5 million of its $37.5 million debtor-in-possession loan, a Bloomberg article said.