Court Approves Auction for THQ Assets Later This Month

January 8, 2013 -

It looks like the sale of THQ could be settled as soon as Jan. 23. Yesterday the company received approval from the Delaware Bankruptcy Court to sell off its assets. After a committee of unsecured creditors and potential buyers sat down and hashed out an agreement the court gave the company the greenlight to sell of its assets.

The judge also gave the okay to interested parties to bid on individual assets as well as the entire company. The court did stipulate that bids made for individual assets will only be considered over a bid for the entire company if the separate sales generated by individual assets exceed an individual bidder's offer for the entire company. The opening bid for the company when the auction starts will be from Clearlake Capital Group's previously revealed number $60 million.

All bids for the entire company or individual assets are due by 9 a.m. ET on Jan. 22, with the auction taking place at 3 p.m on the same day. A hearing is scheduled for the following morning at 9:30 a.m. The auction's closing will take place on Jan. 24.

"Today's ruling provides a clear path. We will now know definitively by Jan. 23rd where we stand," said THQ chairman and CEO Brian Farrell in a statement, referring to Monday's ruling approving piecemeal sale of the company's games. "We appreciate the support of our employees, partners, and suppliers now more than ever."

Clearly Clearlake is the front-runner in this whole ordeal unless someone like EA, Ubisoft, or another company is willing to plunk down more than $60 million.

Source: Polygon

 

 

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