Editing THQ (section)

===Bankruptcy and liquidation, THQ Nordic (2012–2013)===
On November 13, 2012, THQ reported that they could not repay a $50 million loan from [[Wells Fargo]], and were on the verge of [[Chapter 11 bankruptcy]]. With its stock price plummeting from early November values bordering on $3 down to $1.16 and with long-term liabilities of $250 million, THQ was forced to delay the release dates of its flagship titles ''[[Company of Heroes 2]]'' and ''[[Metro: Last Light]]'' to March 2013.<ref>{{cite web |title=THQ, Inc. (NASDAQ:THQI) On the Verge of Bankruptcy |url=http://www.gamersdailynews.com/story-29013-THQ-Inc-NASDAQTHQI-On-the-Verge-of-Bankruptcy.html |website=Gamer Daily News |access-date=December 1, 2012 |date=November 13, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20121204163336/http://www.gamersdailynews.com/story-29013-THQ-Inc-NASDAQTHQI-On-the-Verge-of-Bankruptcy.html |archive-date=December 4, 2012}}</ref> On November 29, 2012, THQ partnered with [[Humble Bundle]] to launch the Humble THQ Bundle in an effort to raise more money.<ref>{{cite web |url=http://blog.humblebundle.com/post/36817861850/the-humble-thq-bundle-has-arrived |title=The Humble THQ Bundle Has Arrived |website=[[Humble Bundle]] |access-date=August 15, 2016 |archive-url=https://web.archive.org/web/20160914154655/http://blog.humblebundle.com/post/36817861850/the-humble-thq-bundle-has-arrived |archive-date=September 14, 2016 |url-status=dead}}</ref> By December 12, 2012, THQ sold nearly 800,000 bundles, raising around $5 million;<ref>{{cite web |last=Agnello |first=Anthony J. |title=Humble Bundle THQ sale raises over $2.3 million with help from CEO |url=http://www.digitaltrends.com/gaming/humble-bundle-goes-corporate-with-drm-protected-thq-sale/ |website=[[Digital Trends]] |access-date=December 1, 2012 |date=November 30, 2012 |archive-date=December 3, 2012 |archive-url=https://web.archive.org/web/20121203204223/http://www.digitaltrends.com/gaming/humble-bundle-goes-corporate-with-drm-protected-thq-sale/ |url-status=dead}}</ref> THQ President Jason Rubin also made a purchase, spending $11,050 on the bundle.<ref>{{cite web |url=https://kotaku.com/who-was-the-biggest-beneficiary-of-thqs-5-million-humb-5968744 |title=Who was the Biggest Beneficiary of THQ's $5 Million Humble Bundle? |first=Owen |last=Good |website=Kotaku |date=December 15, 2012 |access-date=May 2, 2022 |archive-date=December 18, 2012 |archive-url=https://web.archive.org/web/20121218235012/http://kotaku.com/5968744/who-was-the-biggest-beneficiary-of-thqs-5-million-humble-bundle |url-status=live}}</ref> On December 19, 2012, just days after the Humble THQ bundle ended, THQ filed for [[Chapter 11, Title 11, United States Code|Chapter 11 bankruptcy]] with the intention of selling THQ and all of its assets to [[Clearlake Capital]] with Centerview Partners handling the sale.<ref>{{cite web |url=https://www.pcgamer.com/thq-bankruptcy/|title=THQ declares bankruptcy, will continue publishing duties |website=PC Gamer |date=December 19, 2012 |access-date=May 2, 2022 |author=Petitte, Omri |archive-date=January 17, 2014 |archive-url=https://web.archive.org/web/20140117145355/http://www.pcgamer.com/2012/12/19/thq-bankruptcy |url-status=live}}</ref><ref>{{cite web |url=http://www.centerviewpartners.com/transactions.aspx?c=2 |title=Transactions |website=Centerview Partners |access-date=August 23, 2013 |archive-url=https://web.archive.org/web/20130928113158/http://www.centerviewpartners.com/transactions.aspx?c=2 |archive-date=September 28, 2013 |url-status=dead}}</ref> Skip Paul, a former colleague of Jason Rubin, helped orchestrate the proposed [[Stalking horse offer|stalking horse bid]] from Clearlake Capital Group.<ref>{{cite news |url=https://www.nytimes.com/2010/04/26/business/media/26paul.html|title=Longtime Hollywood Hand Is Joining Boutique Bank |last=Barnes |first=Brooks |work=The New York Times |date=April 25, 2010 |access-date=September 10, 2013 |archive-date=September 29, 2013 |archive-url=https://web.archive.org/web/20130929082230/http://www.nytimes.com/2010/04/26/business/media/26paul.html?_r=0 |url-status=live}}</ref>

However, the bid was ultimately denied by Judge Mary F. Walrath and creditors instead approved an individual auction of THQ's properties, which went ahead on January 22, 2013, one day prior to closure.<ref>{{cite web |url=https://www.pcgamer.com/thqs-franchises-and-studios-to-be-auctioned-off-on-a-title-by-title-basis/ |title=THQ's franchises and studios to be auctioned off on a "title by title" basis |last=Savage |first=Phil |website=[[PC Gamer]] |date=January 8, 2013 |access-date=May 2, 2022 |archive-date=January 13, 2013 |archive-url=https://web.archive.org/web/20130113182217/http://www.pcgamer.com/2013/01/08/thqs-franchises-and-studios-to-be-auctioned-off-on-a-title-by-title-basis/ |url-status=live}}</ref><ref>{{cite web |url=http://www.tomshardware.com/news/THQ-Franchises-Up-for-Sale,20261.html |title=THQ's Quick Sale Denied, Individual Franchises Up for Offer |website=Tom's Hardware |date=January 9, 2013 |access-date=August 23, 2013 |archive-date=July 17, 2013 |archive-url=https://archive.today/20130717081404/http://www.tomshardware.com/news/THQ-Franchises-Up-for-Sale,20261.html |url-status=live }}</ref> At the auction, the ''Homefront'' franchise was acquired by [[Crytek]] (and was later acquired by [[Koch Media]]),<ref>{{cite web |last=Pereira |first=Chris |date=July 30, 2014 |url=http://www.gamespot.com/articles/crytek-no-longer-developing-homefront-sells-rights/1100-6421395/ |title=Crytek No Longer Developing Homefront, Sells Rights to Publisher Deep Silver |website=[[GameSpot]] |access-date=July 30, 2014 |archive-date=August 2, 2014 |archive-url=https://web.archive.org/web/20140802021628/http://www.gamespot.com/articles/crytek-no-longer-developing-homefront-sells-rights/1100-6421395/ |url-status=live}}</ref> [[Relic Entertainment]] and the video game rights to the [[List of Games Workshop video games#Warhammer 40,000|''Warhammer 40,000'' series]] were sold to [[Sega]], and the publishing rights to [[Turtle Rock Studios]]' ''[[Evolve (video game)|Evolve]]'' and the [[WWE 2K|''WWE'' series]] were acquired by [[Take-Two Interactive]]. [[Ubisoft]] acquired THQ Montreal and the publishing rights to ''[[South Park: The Stick of Truth]]'' while [[Volition (company)|Volition]] and the publishing rights to the ''[[Metro (franchise)#Other novels|Metro]]'' and ''[[Saints Row]]'' franchises were acquired by [[Koch Media]]. [[Vigil Games]] and THQ's publishing unit were still included in the Chapter 11 case, although all employees related to these entities were [[Layoff|laid off]].<ref>{{cite news |title=THQ bankruptcy auction closes; video game rivals pick up assets |url=https://www.latimes.com/entertainment/envelope/la-xpm-2013-jan-23-la-fi-ct-thq-auction-20130124-story.html |work=[[Los Angeles Times]] |access-date=May 2, 2022|date=January 23, 2013 |first=Ben |last=Fritz |archive-date=January 31, 2013 |archive-url=https://web.archive.org/web/20130131184554/http://articles.latimes.com/2013/jan/23/business/la-fi-ct-thq-auction-20130124 |url-status=dead}}</ref><ref>{{cite news |url=https://www.bloomberg.com/news/articles/2013-02-13/take-two-to-take-over-development-of-wwe-games-from-thq |title=Take-Two to Take Over Development of WWE Games From THQ |website=Bloomberg |date=February 13, 2013 |access-date=May 2, 2022 |first=Michael |last=Bathon |archive-date=February 16, 2013 |archive-url=https://web.archive.org/web/20130216052744/http://www.bloomberg.com/news/2013-02-13/take-two-to-take-over-development-of-wwe-games-from-thq.html |url-status=live}}</ref><ref>{{cite web |url=http://www.ign.com/articles/2013/01/23/thq-dissolved-saints-row-company-of-heroes-darksiders-devs-acquired |title=THQ Dissolved, Saints Row, Company of Heroes Devs Acquired |last=Goldfarb |first=Andrew |website=IGN |date=January 23, 2013 |access-date=January 23, 2013 |archive-date=February 16, 2013 |archive-url=https://archive.today/20130216060055/http://www.ign.com/articles/2013/01/23/thq-dissolved-saints-row-company-of-heroes-darksiders-devs-acquired |url-status=live }}</ref> In a posting on [[Twitter]] on January 23, [[PlatinumGames]]' producer [[Atsushi Inaba]] expressed interest in acquiring the ''Darksiders'' franchise from THQ.<ref>{{cite web |title=Platinum Games boss expresses interest in buying Darksiders on Twitter |url=http://www.polygon.com/2013/1/23/3909506/platinum-games-boss-expresses-interest-in-buying-darksiders-on-twitter |website=Polygon |access-date=January 24, 2013 |date=January 24, 2013 |archive-date=January 27, 2013 |archive-url=https://web.archive.org/web/20130127004952/http://www.polygon.com/2013/1/23/3909506/platinum-games-boss-expresses-interest-in-buying-darksiders-on-twitter |url-status=live}}</ref>

On February 26, THQ announced that it would sell off its remaining properties – the ''Darksiders'', ''Homeworld'', ''Red Faction'', and ''Destroy All Humans!'' franchises, as well as its licensed and original properties – in a court-approved auction which would be held from April 1 to 15, with the process completed by May.<ref>{{cite web |last=Parker |first=Laura |url=https://www.gamespot.com/articles/thq-to-sell-remainder-of-intellectual-properties/1100-6404541/ |title=THQ to sell remainder of intellectual properties |website=Gamespot |date=February 26, 2013 |access-date=May 2, 2022 |archive-date=September 16, 2013 |archive-url=https://web.archive.org/web/20130916203542/http://www.gamespot.com/news/thq-to-sell-remainder-of-intellectual-properties-6404541 |url-status=live}}</ref> Around the same time, THQ shut down the servers to the [[Nexuiz (2012 video game)|2012 remake]] of ''[[Nexuiz]]'', which was developed by [[IllFonic]].<ref>{{cite web |url=http://www.polygon.com/2013/2/27/4037348/nexuiz-xbox-360-servers-taken-offline |title=Nexuiz Xbox 360 servers taken offline |last=Tach |first=Dave |date=February 27, 2013 |website=[[Polygon (website)|Polygon]] |access-date=August 13, 2016 |archive-date=August 14, 2016 |archive-url=https://web.archive.org/web/20160814212140/http://www.polygon.com/2013/2/27/4037348/nexuiz-xbox-360-servers-taken-offline |url-status=live}}</ref> In June 2013, [[Interplay Entertainment]] acquired the rights to the ''[[Descent: Freespace|Freespace]]'' franchise from THQ.<ref>{{Cite web|url = https://www.pcgamer.com/freespace-ip-returns-to-interplay-for-just-7500|title = Freespace IP returns to Interplay for just $7,500|website = PC Gamer|date = June 7, 2013|last1 = Savage|first1 = Phil|access-date = October 11, 2021|archive-date = October 29, 2021|archive-url = https://web.archive.org/web/20211029191320/https://www.pcgamer.com/freespace-ip-returns-to-interplay-for-just-7500/|url-status = live}}</ref>

All of THQ's remaining franchises, including the remainder of its original IPs (aside from ''Homeworld'', which was acquired by [[Gearbox Software]], and ''Drawn to Life'', acquired by [[505 Games]]) and licensed software, were auctioned to [[THQ Nordic|Nordic Games]] for $4.9 million in April 2013.<ref>{{cite web |title=Going once, going twice! Gearbox picks up Homeworld in THQ auction |url=https://arstechnica.com/gaming/2013/04/going-once-going-twice-gearbox-picks-up-homeworld-in-thq-auction/ |website=Ars Technica |date=April 22, 2013 |access-date=April 23, 2013 |archive-date=April 23, 2013 |archive-url=https://web.archive.org/web/20130423001957/http://arstechnica.com/gaming/2013/04/going-once-going-twice-gearbox-picks-up-homeworld-in-thq-auction/ |url-status=live}}</ref> The Nickelodeon game license was acquired by [[Activision]].<ref>{{cite web |author=Kim Schmierer |url=http://zoknowsgaming.com/2013/07/31/spongebob-license-bought-activision/ |title=Spongebob License Bought Out By Activision |website=ZoKnowsGaming |date=July 31, 2013 |access-date=October 20, 2016 |archive-url=https://web.archive.org/web/20161019080049/http://zoknowsgaming.com/2013/07/31/spongebob-license-bought-activision/ |archive-date=October 19, 2016 |url-status=dead}}</ref> This would later expire, with Nickelodeon licensing out their franchises through various smaller publishers, including Nordic.<ref>{{cite web |last1=Romano |first1=Sal |title=THQ Nordic and Nickelodeon to revive several select game titles from the past |url=https://gematsu.com/2018/03/thq-nordic-nickelodeon-revive-several-select-game-titles-past |website=Gematsu |access-date=March 21, 2018 |archive-url=https://web.archive.org/web/20180322082145/https://gematsu.com/2018/03/thq-nordic-nickelodeon-revive-several-select-game-titles-past |archive-date=March 22, 2018 |date=21 March 2018 |url-status=live}}</ref>

Creditors initially said the proposed sale of THQ in the bankruptcy court benefited current THQ management, including Rubin.<ref>{{cite web |url=https://www.gamasutra.com/view/news/18432/THQs_creditors_cry_foul_over_Clearlake_plans.php |title=Lazard: Blockbuster's Game Expansion No Problem For GameStop |website=Game Developer|date=April 29, 2008 |access-date=May 2, 2022 |archive-date=October 12, 2013 |archive-url=https://web.archive.org/web/20131012101427/http://www.gamasutra.com/view/news/18432/THQs_creditors_cry_foul_over_Clearlake_plans.php#.UObh0YnjksL |url-status=dead}}</ref> Presiding Judge Walwrath called these criticisms a "conspiracy theory" on record.<ref>In Re: THQ, Inc., et al., Case No. 12-13398-MFW (Bankr. Ct., D. Del.), Transcript of Hearing on January 4, 2013 (pp. 238–239); lines 24-2. A copy may be viewed at the Office of the Clerk, District of Delaware Bankruptcy Court, or by contacting Transcriber Reliable at 302-654-8080.</ref> Creditors ultimately released THQ management, including Rubin, of any malfeasance in the company's official plan of liquidation.<ref>{{cite web |url=http://www.kccllc.net/thq/document/1213398130528000000000002 |title=Disclosure statement for the first amended Chapter 11 plan of liquidation of THQ Inc. and its affiliated debtors |page=154 |date=May 28, 2013 |access-date=January 16, 2016 |archive-date=May 10, 2015 |archive-url=https://web.archive.org/web/20150510160458/http://www.kccllc.net/thq/document/1213398130528000000000002 |url-status=live}}</ref>

The liquidation of THQ also affected other studios; British developer [[Blitz Games Studios]] shut down in September 2013, citing financial difficulties. The company's CEO Philip Oliver said that the demise of THQ, who was a major client for the studio, was one of the major contributing factors to the closure.<ref>{{cite news |last=Lee |first=Dave |url=https://www.bbc.co.uk/news/technology-24066065 |title=UK games developer Blitz Games Studios shuts down |work=BBC News |date=September 12, 2013 |access-date=September 15, 2013 |archive-date=September 14, 2013 |archive-url=https://web.archive.org/web/20130914215113/http://www.bbc.co.uk/news/technology-24066065 |url-status=live}}</ref>

On June 12, 2014, [[THQ Nordic|Nordic Games]] announced that it had acquired the THQ [[trademark]], allowing the studio to publish games under the THQ name.<ref>{{cite web |url=http://www.polygon.com/2014/6/12/5805074/thq-trademark-acquired-nordic-games |title=THQ trademark acquired by Nordic Games |website=Polygon |date=June 12, 2014 |access-date=July 27, 2014 |archive-date=July 14, 2014 |archive-url=https://web.archive.org/web/20140714120024/http://www.polygon.com/2014/6/12/5805074/thq-trademark-acquired-nordic-games |url-status=live}}</ref> In August 2016, the company was renamed THQ Nordic in an effort to better associate itself with the historic brand.<ref>{{cite web |url=https://venturebeat.com/2016/08/12/nordic-games-brings-back-the-thq-name-rebrands-as-thq-nordic/ |title=Nordic Games brings back the THQ name, rebrands as THQ Nordic |first=Dean |last=Takahashi |work=[[VentureBeat]] |date=August 12, 2016 |access-date=August 12, 2016 |archive-date=August 19, 2016 |archive-url=https://web.archive.org/web/20160819095734/http://venturebeat.com/2016/08/12/nordic-games-brings-back-the-thq-name-rebrands-as-thq-nordic/ |url-status=live}}</ref>