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THQ Inc. and four affiliated businesses filed for Chapter 11 protection Dec. 19 in the U.S. Bankruptcy Court for the District of Delaware (In re THQ Inc., Bankr. D. Del., No. 12-13398, petition filed, 12/19/12).
The press release further stated that debtor-in-possession financing of approximately $37.5 million will be provided by Wells Fargo and Clearlake. Looking to the debtor's future, THQ's president Jason Rubin stated, “We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels.”
The creditors with the largest unsecured claims, and the amounts of the claims, follow: Wilmington Trust N.A., $101,902,173; World Wrestling Entertainment Inc., $45,076,041; Yuke's Co. Ltd., $17,771,188; Mattel Inc., $12,750,000; Viacom International Inc., $10,000,000; Jakks Pacific Inc., $4,000,000; Microsoft Licensing Inc., $2,911,684; Starcom MediaVest Group Inc., $2,628,869; Zuffa LLC, $1,928,772; Technicolor, $1,663,127; Pipeworks Software, $1,121,366; Sony Pictures Television, $793,662; Lucasfilm Ltd., $267,105; Acquia, Inc., $251,758; Binari Sonori S.R.L., $244,734; MediaVest Worldwide, $221,536; Transavision Ltd., $184,047; ImaginEngine, $165,057; Mosaic Sales Solutions, $114,370; Frame Machine, LLC, $110,364; Random House Inc., $100,000; Microsoft Ireland Operations Ltd., $97,534; Ms MCC Highland, LLC, $91,176; Machinima, Inc., $80,755; High Voltage Software, Inc., $72,000; WorkforceLogic LLC, $70,826; House of Moves, $65,467; Rokkan, LLC, $62,500; Winking Entertainment Ltd., $51,975; Lieberman Research Worldwide, Inc., $50,000; Media Planning Group USA LLC, $50,000; Deloitte & Touche LLP, $50,000, American International Relocations, $49,786; NBC Universal Television Distribution, $49,294; Games Workshop Ltd., $48,512; Electronic Entertainment Design, $44,000; Oxford Realty & Holding LLC, $42,515; Technicolor, $34,270; JCCE-Palomar, LLC, $34,258; and Hammer Creative, $32,500.
Michael R. Nestor of Young Conaway Stargatt & Taylor, LLP, Wilmington, Del., represents the debtor.
Full text of the Chapter 11 petition is available at: /uploadedFiles/Content/News/Legal_and_Business/Bloomberg_Law/Legal_Reports/THQ(1).pdf
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