THQ bankruptcy overseer raises concerns over sale plans

thq

By on January 5, 2013 at 4:28 pm

When THQ went bankrupt, we were relieved to learn that none of its studios were in danger of closing, and that its line up of 2013 and 2014 titles were still on track. This unusual result came about thanks to a proposed deal between THQ and its “stalking horse” purchaser, one Clearlake Capital, who proposed to lend it money to keep itself going, purchase all its assets as a job lot, and take over its debts.

Unfortunately, the US Trustee assigned to oversee THQ’s bankruptcy took one look at this deal filed a formal objection to its very narrow bidding window – just 30 days – and excessive fees to be paid to Clearlake should the deal fall through, both factors likely to squeeze out competing bids.

Meanwhile, THQ’s creditors – those who hope to recoup cash lent to THQ over the years have sent in their own complaints, saying the deal had been brokered “specifically to thwart any potential bidders from stepping forward to compete with Clearlake’s bid” rather than in the best interest of THQ’s creditors.

The future of THQ’s stable (Company of Heroes 2, South Park: The Stick of Truth, Metro: Last Light and four unannounced games) is uncertain should creditors insist on a piecemeal sale of the publisher’s assets.

Source: Joystiq, Distressed Debt

Tags:
One comment (Leave your own)
Lord_Apophis

Damn creditors, they will be the death of THQ if they get there own way.

I’m still hoping for a Homeworld 3 here… Don’t ruin that hope!

 
Leave a comment

You can use the following bbCode
[i], [b], [img], [quote], [url href="http://www.google.com/"]Google[/url]

Leave a Reply

PC Gaming Calendar 2014

Follow Games.on.net

YouTube

Steam Group

Upcoming Games

Community Soapbox

Recent Features
Batman Arkham Knight

Batman: Arkham Knight hands-on preview — Batman, forever

After just 45 minutes with Arkham Knight, James is ready to take on the world.

Mad Max

Mad Max hands-on preview: What a lovely game

James goes hands-on in the Wasteland, and comes away very far from mad.

dallas_buyers_club

PSA: What does it mean for me if I downloaded the Dallas Buyers Club movie?

You may soon receive a letter in the mail from DBC. Here's what to do, and what this means.

Streaming Radio
Radio Streams are restricted to iiNet group customers.

GreenManGaming MREC

Facebook Like Box