THQ INC. to Sell Certain Remaining Intellectual Properties

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THQ INC. to Sell Certain Remaining Intellectual Properties

Darksiders, Homeworld, MX vs. ATV, and Red Faction Among Available Assets

AGOURA HILLS, Calif.--(BUSINESS WIRE)-- THQ Inc. (OTC: THQIQ) today announced that it will sell certain of its remaining intellectual properties (IP) via a Court-supervised sale process. Last month, THQ sold the majority of its studios and games in development as part of its Chapter 11 case. The company expects to complete the bidding and sale process for these remaining IP assets by mid-May.


The company has designated six lots of IP titles for bidding:

  • Darksiders;
  • Red Faction;
  • Homeworld;
  • MX;
  • Other Owned Software, including Big Beach Sports, Destroy All Humans!, Summoner, and more; and
  • Other Licensed Software, including Marvel Super Hero, Supreme Commander, Worms, and more.

Each lot's complete group of titles is listed at the end of this announcement.

Interested bidders must provide: 1) complete identification, including the names of corporate officers or those authorized to act on the bidder's behalf; 2) written evidence of authority to enter into the anticipated transaction; and 3) proof of financial ability to perform the contemplated transaction. Only those bidders who meet all three requirements will be provided access to confidential information about each lot of titles once a non-disclosure agreement has been executed. Documentation meeting these three requirements should be sent to auction@thq.com.

Initial bids must be submitted by April 1, 2013. Final bids are required by April 15. The company, in consultation with its unsecured creditors committee, will determine the best and highest bid for each lot and designate a back-up bid. In May, the sales will be presented to the Court for final approval.

THQ Inc. has received more than 100 expressions of interest in purchasing various titles; consequently, a vigorous sale is anticipated. The company has established a special clearinghouse at auction@thq.com for email questions about the forthcoming sales.

Last month, the Court approved the sales of three of THQ Inc.'s owned studios and games in development, as well as Evolve, a working title under development at Turtle Rock Studios, Homefront 2, Metro: Last Light and South Park: The Stick of Truth. Under the terms of the agreements with the successful and approved bidders, the THQ estate received approximately $72 million.

THQ and its domestic business units filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware on Dec. 19, 2012.

For additional information about THQ, please visit www.thq.com. For information regarding the Chapter 11 case, please visit www.kccllc.net/thq.

THQ Inc. Caution Concerning Forward-Looking Statements

This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the business of THQ Inc. and its subsidiaries (collectively referred to as "THQ"), including, but not limited to, expectations regarding the bankruptcy case. These statements are based upon management's current beliefs and certain assumptions made by management. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the adverse impact of the bankruptcy case on THQ's business, financial condition and results of operations, including its ability to maintain customer and supplier relationships; the level of interest of prospective bidders in the bidding and sale process for the remaining IP assets; THQ's ability to obtain bankruptcy court approval in connection with the bankruptcy case; the actions of THQ's creditors and other third parties with interests in the bankruptcy case; competitive, economic, legal, political, and technological factors affecting our industry, operations, markets, products, or pricing. Readers should carefully review the risk factors and the information that could materially affect THQ's financial results, described in other documents that THQ files from time to time with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal period ended March 31, 2012 and subsequent Quarterly Reports on Form 10-Q, and particularly the discussion of trends and risk factors set forth therein. Unless otherwise required by law, THQ disclaims any obligation to update its view on any such risks or uncertainties or to revise or publicly release the results of any revision to these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

 

THQ Official List of Intellectual Property Available for Bidding

Lot 1 - OWNED SOFTWARE

Red Faction Red Faction Armageddon
Red Faction 2Red Faction: Guerrilla
  

 

Lot 2 - OWNED SOFTWARE

HomeworldHomeworld 2
 

Lot 3 - OWNED SOFTWARE

MX AliveMX vs ATV Untamed
MX Superfly featuring Ricky CarmichaelMX vs. ATV Alive Tournament
MX UnleashedMX vs. ATV Unleashed
MX vs ATV ReflexMX vs. ATV: On The Edge
   

Lot 4 - OWNED SOFTWARE

Darksiders

Darksiders 2

   

Lot 5 - OWNED SOFTWARE

All Star Cheer SquadElements of Destruction
All Star Cheer Squad 2Fantastic Pets
All Star Karate

Frontlines: Fuel of War

Baja: Edge of Control

Full Spectrum Warrior 1

Battle of the BandsFull Spectrum Warrior 2: Ten Hammers

Beat City

Juiced
Big Beach SportsJuiced 2: Hot Import Nights
Big Beach Sports 2Lock's Quest: Construction Combat
Big Family GamesNeighborhood Games
CrawlerPax Imperia
de BlobStuntman: Ignition
de Blob 2Summoner
Deadly CreaturesSummoner 2
Deep SixTerranium
Destroy All Humans!The Outfit
Destroy All Humans! 2Titan Quest
Destroy All Humans! Big Willy UnleashedTitan Quest: Immortal Throne
Destroy All Humans! Path of the FuronuDraw
Dood's Big AdventureWorld of Zoo
Drawn to Life
Drawn to Life: The Next Chapter
   

Lot 6 - LICENSED SOFTWARE (buyer to pay any cure costs)

Costume QuestScripps Spelling Bee (Scripps)
Daniel X (SueJack)Sherlock Holmes and the Mystery of Osborne House
Deepak Chopra's Leela (Curious Holdings)Stacking
Fancy Nancy: Tea Party Time! (Harper Collins)Supreme Commander
JeopardySupreme Commander Forged Alliance
Jeopardy 2The Biggest Loser
Journey to the Center of the EarthTruth or Lies
Let's Ride Best of BreedVampire Legends: Power of Three (dtp)
Marvel Super Hero Squad: Comic CombatWheel of Fortune
Marvel Super Hero Squad: The Infinity GauntletWheel of Fortune 2
Marvel Super Hero Squad: The Infinity Gauntlet 2World of Zoo
Nancy Drew: The Hidden StaircaseWorms 2
NexuizWorms Battle Islands
Paws & Claws Marine RescueWorms Open Warfare
Paws & Claws Pampered Pets Resort 3DWorms: A Space Oddity
PurrPals 2Worms: Open Warfare 2 (Team 17)
RioYou Don't Know Jack (Jellyvision)
Rocket Riot
Screwjumper (Frozen Codebase)  
 



THQ Media Contact:
The Abernathy MacGregor Group, Inc.
Rivian Bell, rlb@abmac.com
Sydney Isaacs, sri@abmac.com
213-630-6550

KEYWORDS:   United States  North America  California  Delaware

INDUSTRY KEYWORDS:

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