Volition's 'Red Faction' franchise up for sale -- again

CHAMPAIGN — The "Red Faction" video-game franchise will go up for sale — again.

THQ Inc., which sold off many of its assets in a bankruptcy-related auction in January, announced Tuesday that it plans to sell off several remaining assets, including the "Red Faction" franchise.

The company will accept bids for six lots of intellectual property. One of those lots consists of the games "Red Faction," "Red Faction 2," "Red Faction Armageddon" and "Red Faction: Guerrilla."

The games were developed by Champaign-based Volition Inc., which until January was a subsidiary of California-based THQ.

However, in the January sale, Volition and its "Saints Row" franchise were acquired by Koch Media, a European company that plans to keep Volition in Champaign.

Koch Media paid $22.3 million for Volition and "Saints Row" and also acquired the "Metro" franchise for $5.9 million.

Initial bids for the "Red Faction" package — and other intellectual property being sold by THQ — must be submitted by April 1, with final bids required by April 15.

THQ, working with its unsecured creditors committee, will determine the highest and best bids — and submit those to the bankruptcy court in May for final approval.

The other five lots available for purchase consist of:

— Two "Darksiders" games.

— Two "Homeworld" games.

— Eight "MX" games.

— 41 assorted games, including two "Summoner" games developed by Volition.

— 38 other assorted games.

In a release, THQ said it has received "more than 100 expressions of interest in purchasing various titles" and expects "a vigorous sale."

Interested bidders must provide:

— Complete identification, including the names of corporate officers or those authorized to act on the bidder's behalf.

— Written evidence of authority to enter into the transaction.

— Proof of financial ability to go through with the transaction.

"Only those bidders who meet all three requirements will be provided access to confidential information about each lot of titles once a nondisclosure agreement has been executed," THQ stated in the release.

Prospective bidders can send documentation to auction@thq.com. Questions about the upcoming sale can also be sent to that email address, the company said.

Sections (2):News, Business
Topics (2):Economy, Technology
Categories (4):News, Economy, Technology, Business
Tags (2):THQ, Volition

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