Latest in Gaming

Image credit:

THQ will sell whole unless exceeded by individual asset bids


THQ acknowledging the details of yesterday's reported bankruptcy proceedings this morning, confirming its assets will only be purchased a la carte if individual offers exceed a whole buyout.

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

As things stand now, we know that private equity firm Clearlake Capital Group has offered "$60 million, including a new $10 million note for the benefit of the company's creditors." What this means is that anybody offering more for the whole of the company can take THQ from the cushy speed agreement made between THQ executives and Clearlake.

There's also the very real possibility that Electronic Arts, along with Warner Bros and other bidders, could collaboratively purchase THQ's intellectual property (Saints Row, Darksiders) and studios (Volition, Relic, Vigil). If those bids exceed Clearlake's total (and Saints Row is definitely getting any player most of the way there), that's it for THQ.

Bids are due January 22, 2013, by 9AM Eastern. The auction will be held at 3PM. Hearing on the sale will be held at 9:30AM the following day, followed by the closing on January 24.

Show full PR text
THQ Receives Court Approval for Amended Sale Calendar

AGOURA HILLS, Calif.--(BUSINESS WIRE)-- THQ Inc. (OTC: THQIQ), a leading worldwide developer and publisher of interactive entertainment software, received approval from the U.S. Bankruptcy Court on the calendar to conduct bidding and complete the sale of the company following an agreement reached between the potential buyer and the committee representing unsecured creditors. The Court approved Clearlake Capital Group, L.P.'s bid for the entire company as the opening bid for an orderly auction process. The Court also approved procedures that allow other interested parties to bid for individual assets or for the entire company, but bids for individual assets will only be considered superior to an aggregate bid for the entire company if the value generated by separate sales were to exceed the price offered by an individual bidder for the entire company.

The new calendar now calls for all bids to be received by January 22, 2013 at 9:00 a.m. ET. The auction will be held later that day at 3:00 p.m. The hearing on the sale will be held at 9:30 a.m. January 23, and the closing will occur January 24.

The Court also approved an amended financing agreement that will support THQ's operations during this period.

"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."

THQ is being advised by Centerview Partners LLC and FTI Consulting as its financial advisors and Gibson, Dunn & Crutcher LLP as legal counsel.

For additional information about THQ, please visit For information regarding the Chapter 11 case, please visit

From around the web

ear iconeye icontext filevr