Los Angeles Business Journal

THQ Auctions Remaining Assets

By Natalie Jarvey Originally published April 22, 2013 at 2:35 p.m., updated April 23, 2013 at 9:46 a.m.

Bankrupt video game publisher THQ Inc. has sold off the remaining properties in its catalog.

Bids for the properties, which include the “Homeworld” PC franchise, were due April 15. The auction received 17 bids expected to bring in between $6 million and $7 million, according to court documents. Results of the sale are expected late Monday.

In addition to “Homeworld,” other properties for sale include first-person shooter “Red Faction” and adventure game “Darksiders.” Other owned and licensed software were also part of the auction.

Some bidders have already come forward with their results from the auction. Independent developer teamPixel gathered more than $60,000 to bid for “Homeworld” through crowdfunding sites Kickstarter and Indiegogo. But the St. Louis developer announced April 16 that it had been outbid.

The winning bidder appears to be Gearbox Software, a developer in Plano, Texas. Gearbox posted to its blog that it will acquire “Homeworld,” which was originally developed by THQ studio Relic.

“Brian Martel, Gearbox Software's chief creative officer, has great love and respect for Relic's brilliant, fun and innovative game and personally spearheaded the acquisition,” the company said in the post.

THQ hopes to finalize all auction sales by the end of May.

The Agoura Hills company, which filed for bankruptcy in December, auctioned its most valuable intellectual property in January, ultimately raising about $73 million in a piecemeal sale.

THQ plans to repay creditors with the proceeds generated from its sale. Court documents indicate that creditors will recover between 20 percent and 52 percent through the liquidating bankruptcy plan.

UPDATE: THQ announced late Monday that it raised $6.55 million in the sale of six lots.

Swedish video game publisher Nordic Games Licensing AB bid $4.9 million for franchises “Darksiders,” “Red Faction” and “MX vs ATV” in addition to a handful of other owned and licensed software.

Gearbox’s winning bid for “Homeworld” was $1.35 million. And Italian publisher 505 Games Srl bid $300,000 for Nintendo DS game “Drawn to Life” and its sequel.

THQ expects the bankruptcy court to hear the sale motions on May 13 and finalize the transactions by the end of the month.