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Bankrupt THQ owes tens of millions in debt
Bankrupt THQ owes tens of millions in debt
April 26, 2013 | By Mike Rose

April 26, 2013 | By Mike Rose
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    5 comments
More: Console/PC, Business/Marketing



A full list of THQ's creditors has been published, with hundreds of individuals and companies seeking tens of millions of dollars in debts.

The publisher was forced to sell off its studios and assets as part of bankruptcy plans earlier this year. Now that the company has sold everything off, it can begin paying back what it owes.

There are numerous notable inclusions in the list of creditors. Double Fine Productions, for example, is claiming $595,000 for alleged breach of contract [PDF], stating that THQ gave its games Stacking and Costume Quest away for free as part of a PlayStation Plus promotion, but did not give Double Fine adequate notice of the action.

Double Fine goes on to claim that it did not receive any of the profits from the PlayStation Plus payments.

Codemasters is claiming $1,002,714.25 from THQ [PDF], stating that it has unpaid royalties, as well as valuable stock of games like Body Count, Dirt 3 and F1 2011 sitting in a warehouse.

Meanwhile, former THQ executives Jason Kay and Jason Rubin [PDF] are claiming $2.1 million each as part of "Employment Obligations."

Both say they are owed payments from breaches of duties, priority wages, and salary commissions including vacation pay, severance pay and sick leave.

The full list of creditors can be found on the KCC website.


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Comments


Tyler King
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I've never understood why executives, unless they themselves were investors, think that they should be given money when the company they were running goes under. Its the same as when the US government bailed out the banks a little while back and executives went ahead and took millions and put it in their pockets. I'm sorry that you as executives don't have a job and need to find a new one, but I think the hundreds of other employees not getting million dollar bonuses that were working hard until the last days of the company probably could use it more than you. Also theres the issue of the real debt you should pay off first.

Rohit Maggon
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Since THQ underwent an asset sale, the claims would be based on seniority. Double Fine's claims seem more like a legal accusation. The liquidation is primarily held to meet payouts for creditors such as banks etc. Double Fine n the "employee obligations" here prolly would be the last in the list of priorities.

Dane MacMahon
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The more I read stuff like the Double Fine -> THQ -> Sony chain the more it screams "transition market!" With current technology and platforms there is no reason for that "THQ" to be there, and it's something these publishers need to take note of.

David Lejeune
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Filing a 2 million dollar claim against a company that you drove into bankruptcy less than a year after taking a position there is pretty ballsy. Makes me wish I'd filed a claim as a former employee. For something reasonable. Say a year's pay.

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