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Court approves THQ asset sales
The U.S. Bankruptcy Court has approved the sale of THQ's assets to Ubisoft, Sega, and other companies, THQ announced this morning. The sales are all expected to close today. THQ totals the proceeds from the sale at $72 million, making a total of $100 million when added to the company's estimate of its remaining assets.In a statement issued by THQ (sure to be one of the last), CEO Brian Farrell said "While we had hoped that the restructuring process would allow the company to remain intact, I am heartened that the majority of our studios and games will continue under new ownership."New president Jason Rubin echoed the sentiment. "I was brought in eight months ago to help turn this ship around," Rubin said, "and while I'm disappointed that we could not effect a sale for the entire operating business, I am pleased that the new buyers will be providing jobs to many of our very talented personnel. When we first announced the sale process, I said I would be happy if the company's games and people had a bright future, even if it meant I did not have a job at the end of it. And I still feel that way."
