Bankruptcy and closure
By November 13, 2012, THQ reported that they had defaulted on a $50 million loan from Wells Fargo and were on the verge of bankruptcy. With its stock price plummeting from early November values bordering on $3 down to $1.16 and with long-term liabilities of $250 million, THQ was forced to delay the release dates of its flagship titles Company of Heroes 2 and Metro: Last Light to March 2013. In an effort to raise more money, THQ partnered with Humble Bundle to launch the Humble THQ Bundle on November 29, 2012. As of December 12, 2012, THQ sold nearly 800,000 bundles, raising around $5 million; THQ President Jason Rubin also made a purchase, spending $11,050 on the bundle. On December 19, 2012, just days after the Humble THQ bundle ended, THQ filed for chapter 11 bankruptcy.
While THQ intended for the entire company to be sold, its creditors and bankruptcy judge rejected the plan, with the judge stating that the company's efforts to market itself prior to bankruptcy were not sufficient enough to allow such an "aggressive" sale. Creditors instead approved an auction of THQ's properties individually, held on January 22, 2013. The rights to the Homefront franchise will be acquired by Crytek (who is developing its sequel), Relic Entertainment will be sold to Sega, publishing rights to Turtle Rock Studios' "Evolve" project will be acquired by Take-Two Interactive, Ubisoft will acquire THQ Montreal and publishing rights to South Park: The Stick of Truth, while the publishing rights to the Metro games and Volition, Inc. will be acquired by Koch Media. Publishing rights to the WWE series will reportedly be acquired by Take-Two Interactive. Certain assets (including Vigil Games and THQ's publishing unit) will still be included in the Chapter 11 case, and all employees related to these entities were laid off. In a posting on Twitter, Platinum Games' CEO Atsushi Inaba expressed interest in acquiring the Darksiders franchise from THQ.