A press release sent out in the early hours of the morning today officially announced that the U.S. Bankruptcy Court has approved the sale of THQ's assets to other publishers and developers who had placed bids the previous day. The approval came from court judge Mary F. Walrath, giving the green light to the prospective buyers eager to snatch up their new acquisitions. Regrettably, only seven of the eight asset groupings were purchased, leaving Darksiders developer Vigil out in the cold and uncertain of its status going forward.
Chapter 11 bankruptcy
Wednesday night, Kodak said it filed for chapter 11 bankruptcy. Depressing that such an iconic company has struggled enough to take the plunge and file chapter 11, it makes a bit of sense that a film company couldn't keep afloat during the age of digital photography, where almost everyone's phone takes pictures of satisfactory quality. Kodak hopes to escape bankruptcy sometime in 2013, and plans on restructuring using $950 million in financing from Citigroup.
In the worst news to strike the futuristic food industry since the death of New Coke, Dippin' Dots has filed for Chapter 11 bankruptcy. The so-called Ice Cream of the Future was apparently up to its eyeballs in debt and has been trying to stave off foreclosure by Regions Bank, to whom Dippin' Dots apparently owes $11.1 million. This, friends, is a disaster.