THQ Inc. terminated the employment of Brian J. Farrell as Chief Executive Officer of the company, Jason Rubin as President of the company, and Jason Kay as Chief Strategy Officer of the company, each without cause and effective January 30, 2013.

Sega of America, Inc. has submitted a proposal to acquire THQ Canada Inc. (Relic Entertainment), a unit of THQ Inc. for $26.6 million after a bid made by ZeniMax Media Inc. for $26.3 million. Postmedia Breaking News reported that a spokesperson for Sega said the company had no comment at this time. THQ Montreal Inc. received a $2.5 million bid from Ubisoft Entertainment SA. "The most important thing is that, until the court has actually approved anything, nothing is set in stone," Yohan Eile, THQ Montreal's Director of business said, though he did not foresee any problems preventing the proposed sale."After that Ubisoft will be able to extend employment offers to all the employees, or the ones they want. And it's going to be up to them to continue the projects." The sale is expected to be finalized in court on January 24, 2013.

THQ Inc. has received final approval to use $37.5 million in debtor-in-possession financing while it attempts to sell its assets. Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware in Wilmington approved the DIP on Jan. 11. Wells Fargo Bank NA is providing a revolver of up to $27.5 million, plus up to $10 million in over advances, while Clearlake Capital Group LLC is supplying a $10 million term loan. THQ may not borrow more than $30 million at once.