In other words, chopped into pieces. PC Gamer reports THQ will not survive its bankruptcy in its current form. Instead, the company's franchises and studios will be auctioned off on a "title by title" basis to the highest bidder.
THQ had hoped to sell themselves as a whole, ensuring the company could exist as-is under a new owner. That’s now not going to happen, after it was decided that a wholesale attempt would fetch less money than dividing the company up and selling each franchise separately. A tweet by the Distressed Debt Investing blog confirms this move, saying “The auction will allow for piecemeal (“title by title”) sales of THQ assets”
DDI’s latest blog update on the THQ case explains how the sale will work. THQ’s properties will be auctioned off on January 22nd, with both titles and studios up for grabs. So far EA and Warner Brothers have been revealed as interested parties, although it’s not known which titles they’re eyeing up.
At this point, it's unknown how the sale will affect THQ's upcoming games. Titles like Company of Heroes 2, Metro: Last Light and South Park: The Stick of Truth all seem close enough to completion to be released by a prospective buyer, bu tthe status of Volition's Saints Row 4 may be less secure.