THQ is officially over, as liquidation plans are approved
Although game publisher THQ has been essentially dead for several months now, the company's demise became official this week, as a U.S. bankruptcy court approved liquidation plans.
THQ was cut up and sold off
to various bidders earlier this year, but U.S. judge Mary F. Walrath officially ended the company's bankruptcy case
this week, reports Bloomberg.
The judge noted that THQ "has met the burden of establishing that the plan should be approved, and I will confirm it."
However, THQ's creditors most likely aren't going to be a happy bunch. While the defunct publisher owes tens of millions in debt
, and will be using the money earned from the asset sales to pay its creditors back, the majority are destined to recover less than half of what they are owed.
In fact, it's projected that those unsecured creditors will recover 20-52 percent of what they're owed, depending on the number of allowed claims. Of course, that won't stop creditors trying to get back as much as possible -- Sega just last week said it was suing THQ over Company of Heroes 2 preorders
More information can be found at Bloomberg