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THQ to Sell Video-Game Titles Including Darksiders

Feb. 26 (Bloomberg) -- THQ Inc., the broken-up bankrupt video-game maker, will sell some of its remaining video-game properties including the “Darksiders” franchise that failed to receive any offers at an auction this year.

The company has designated six lots of video-game titles for sale including “Red Faction”, “Homeworld”, “MX vs. ATV”, in addition to “Darksiders”, according to a company statement today. A full list of the properties for sale is included in the statement.

THQ, the maker of the “Saints Row” and “Company of Heroes” video-games before its bankruptcy, failed in its effort to survive intact as individual titles and studios were gobbled up by competitors at an auction last month. Most of its assets were sold at the auction, bringing in about $72 million. The remaining assets, including the “Darksiders” franchise, are worth about $29 million, according to THQ attorney Jeffrey C. Krause.

“THQ Inc. has received more than 100 expressions of interest in purchasing various titles; consequently, a vigorous sale is anticipated,” the company said in the statement. Initial bids for the properties must be submitted by April 1, followed by final bids on April 15. THQ said it expects to complete the sales and seek court approval of them by mid May.

The process has the support of the unsecured creditors committee which forced the company to accept offers for individual titles and studios at the January auction.

The Agoura Hills, California-based video-game maker said it was forced to seek bankruptcy protection after sustaining losses for the past five fiscal years. The company listed assets of $204.8 million and debt of $248.1 million when it sought court protection on Dec. 19.

The case is In re THQ Inc., 12-13398, U.S. Bankruptcy Court, District of Delaware (Wilmington).

To contact the reporter on this story: Michael Bathon in Wilmington, Delaware, at mbathon@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net

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