THQ gets approval for its liquidation plan, officially ending bankruptcy case
Technically THQ has been dead for a while now - existing as a husk-like reanimation of debt and creditors. But like the zomibified, shambling remnants of anything you once loved, seeing it finally put down is never easy. That's what finally happened yesterday, after a US court approved THQ's liquidation plan, thus ending the former publishers bankruptcy case.
It was back in December that THQ sought court protection - listing debts of $248.1 million, and assets of $204.8 million. Yesterday's deal was signed off by bankruptcy judge Mary F. Walrath, who said that the studio had "met the burden of establishing that the plan should be approved". It will see the money raised from the liquidation of THQ's assets go towards paying off their many creditors.
According to Bloomberg, unsecured creditors are expected to receive 20 to 52 percent of the amount owed to them - estimated to be between $143-184 million in claims. That may lower if the $107 million claim of THQ's European subsidiaries are upheld. That's an argument that could drag on over the next two years - the length expected for the liquidation plan to finish picking clean the publisher's corpse.
Farewell, THQ! You can remind yourself of the good times by having a read of our our fondest memories.