THQ Details Asset Sales Transactions in SEC Filing

June 6, 2013 -

In a FORM 8-K filing with the U.S. Securities and Exchange Commission (SEC), bankrupt game publisher THQ disclosed that certain transactions that were the result of a massive asset auction have closed. The company also disclosed particulars on the current employment of its interim president Edward L. Kaufman.

The company said that it completed the disposition of assets sold at auction to 505 Games on May 31. Those assets included Drawn to Life and Drawn to Life: The Next Chapter. Those assets costs 505 Games $301,000 and the "assumption of certain liabilities" by the company. THQ completed the sale of Homeworld assets to Gearbox Software on May 31 for $1,350,000. Also completed on May 31 was the sale of Darksiders, Red Faction, MX, other owned software (including Destroy all Humans! and Summoner) and other licensed software (including Marvel Super Hero Squad and Supreme Commander) to Nordic Games for $4,900,000.

The company also said that its interim president, Edward L. Kaufman, has had his base salary increased to $467,500 per year. Kaufman will also receive "a cash bonus in the amount of $150,000 if the aggregate cash available for distribution to general unsecured creditors under the Plan exceeds $60 million and 1% of the aggregate cash available for distribution to general unsecured creditors in excess of $60 million." His employment agreement expires on August 31, 2013 or sooner, according to the filing.

Source: THQ

 


 
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