Update from THQ: The auction will be at 3 p.m. on January 22. A hearing will happen at 9 a.m. the next morning, with final approval set for the next day. Also adds comment from THQ CEO.

THQ has tried to maintain business as usual since it declared bankruptcy last month, but despite reassuring words from THQ president Jason Rubin, it appears that THQ's game franchises are going to be auctioned off to the highest bidder on a title-by-title basis on January 22.

A tweet from Distressed Debt Investing (via Polygon) revealed the news of the "piecemeal" sale after a hearing before bankruptcy judge Marry Walrath earlier today.

"Today’s ruling provides a clear path. We will now know definitively by Jan. 23rd where we stand," confirmed Brian Farrell, Chairman and CEO of THQ. "We appreciate the support of our employees, partners, and suppliers now more than ever."

Ubisoft, Electronic Arts and Warner Bros. are reportedly interested in the assets, which include Company of Heroes, Saints Row, Homefront and Metro. According to DDI, the auction will be held on January 22nd.

Clearlake Capital had sought to purchase THQ outright, but the judge and creditors balked at the quick turnaround of the proposed deal. DDI said Clearlake has since agreed to sell off THQ's franchises. If the piecemeal sale of the assets goes for less than Clearlake's offer of $60 million, then the sale of THQ as a whole will be approved. If not, it could be the end of the publisher, with its titles and studios (Relic and Volition) parceled out to the highest bidders.