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THQ liquidation plan approved by court, ending bankruptcy case

Michael McWhertor is a journalist with more than 17 years of experience covering video games, technology, movies, TV, and entertainment.

Former video game publisher THQ had its liquidation plan approved by a Delaware court today, bringing its bankruptcy case to a close, reports Bloomberg.

U.S. bankruptcy judge Mary F. Walrath approved the plan, which will see THQ's lengthy list of creditors receive payment from the liquidation of the publisher's assets. THQ auctioned off key franchises and studios in January, bringing in $72 million, and certain remaining titles and publishing rights for more than $6.55 million in other sales in April.

THQ's creditors are estimated to receive somewhere between 20 and 52 percent of the amount owed, depending on the amount of their claim and other factors, Bloomberg reports. Total claims range from $143 million to $184 million, with THQ's European subsidiaries submitting claims of $107 million, which, if allowed, could lower the overall payout percentage.

THQ filed for bankruptcy protection in Dec. 2012, listing assets of $204.8 million and debts of $248.1 million, and initially proposed a sale of the company to Clearlake Capital Group. THQ's assets and studios were eventually sold piecemeal to bidders that include Sega, Ubisoft, Take-Two Interactive, Gearbox Software, Nordic Games and others.