Bankrupt THQ owes over $200m to creditors
The bankruptcy auction has just ended just as a long list of creditors seeking money from the now-defunct THQ was published.
According to Polygon, the company owes more than $200 million to various parties filed against THQ Inc. as well as its subsidiaries, including Volition and Vigil Games, since they filed for bankruptcy protection at the end of last year.
Claimants to THQs bankruptcy case range from as meager as $2.98 from a Tennessee tax assessment to as high as $39 million from UK firm THQ Holdings.
Other claimants include companies like Microsoft who seek $213, 772 in licensing fees for third-party peripherals and $888,652 in financing fees. UFC owner Zuffa is owed $1.9 million while Codemasters, $1 million, in unpaid royalties as well as stock on Dirt 3, F1 2011, Bodycount and other titles.
Double Fine Productions is also seeking $595,000 for the sales of THQ-published games Stacking and Costume Quest.
A tattoo artist has also made it on the list of claimants. Christopher Escobedo claims THQ owes him $4.16m from a copyright infringement suit filed last November regarding a tattoo he designed that appeared on Carlos Condit in UFC Undisputed 3.
Interestingly enough, former THQ executives Jason Rubin and Jason Kay are also listed among the claimants. Both are seeking $2million and $2.1 million respectively from each of THQ Inc’s four subsidiaries. These claims are with regards to their unpaid salary and severance but mostly from a breach of employment agreement.
Majority of those with the highest sum of claims are actually THQ subsidiaries based in Europe, Asia and Australia.
More claims are continuing to pile up against THQ Inc as they finalize their bankruptcy.
The remaining THQ IPs which included Darksiders, Red Faction and Homeworld were sold off last week during the last bankruptcy auction for a total of $6m to $7m. The information regarding how much the other IPs were purchased for is incomplete. What is known, though, is that Relic Entertainment was bought by SEGA for $26.6m while Turtle Rock studio’s project codename Evolve was bought out by Take-Two for $10.8m.
According to Polygon, none of the claimants will be paid until the end of the bankruptcy case in May.