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:
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 email@example.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 firstname.lastname@example.org 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.
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 Armageddon
Red Faction 2
Red Faction: Guerrilla
Lot 2 - OWNED SOFTWARE
Lot 3 - OWNED SOFTWARE
MX vs ATV Untamed
MX Superfly featuring Ricky Carmichael
MX vs. ATV Alive Tournament
MX vs. ATV Unleashed
MX vs ATV Reflex
MX vs. ATV: On The Edge
Lot 4 - OWNED SOFTWARE
Lot 5 - OWNED SOFTWARE
All Star Cheer Squad
Elements of Destruction
All Star Cheer Squad 2
All Star Karate
Frontlines: Fuel of War
Baja: Edge of Control
Full Spectrum Warrior 1
Battle of the Bands
Full Spectrum Warrior 2: Ten Hammers
Big Beach Sports
Juiced 2: Hot Import Nights
Big Beach Sports 2
Lock's Quest: Construction Combat
Big Family Games
de Blob 2
Destroy All Humans!
Destroy All Humans! 2
Destroy All Humans! Big Willy Unleashed
Titan Quest: Immortal Throne
Destroy All Humans! Path of the Furon
Dood's Big Adventure
World of Zoo
Drawn to Life
Drawn to Life: The Next Chapter
Lot 6 - LICENSED SOFTWARE (buyer to pay any cure costs)
Scripps Spelling Bee (Scripps)
Daniel X (SueJack)
Sherlock Holmes and the Mystery of Osborne House
Deepak Chopra's Leela (Curious Holdings)
Fancy Nancy: Tea Party Time! (Harper Collins)
Supreme Commander Forged Alliance
The Biggest Loser
Journey to the Center of the Earth
Truth or Lies
Let's Ride Best of Breed
Vampire Legends: Power of Three (dtp)
Marvel Super Hero Squad: Comic Combat
Wheel of Fortune
Marvel Super Hero Squad: The Infinity Gauntlet
Wheel of Fortune 2
Marvel Super Hero Squad: The Infinity Gauntlet 2
World of Zoo
Nancy Drew: The Hidden Staircase
Worms Battle Islands
Paws & Claws Marine Rescue
Worms Open Warfare
Paws & Claws Pampered Pets Resort 3D
Worms: A Space Oddity
Worms: Open Warfare 2 (Team 17)
You Don't Know Jack (Jellyvision)
Screwjumper (Frozen Codebase)
KEYWORDS: United States North America California Delaware
The article THQ INC. to Sell Certain Remaining Intellectual Properties originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.