THQ Clearlake buyout not approved by judge, five buyers interested

thq

By on January 6, 2013 at 9:51 am

During the course of a hearing into THQ’s increasingly unlikely wholesale purchase by Clearlake Capital, five potential purchasers have expressed interest, Distressed Debt reports. One of these is Warner Bros.

As you may recall from yesterday, the US Trustee in charge of THQ’s bankruptcy, and its creditors, objected to the sale. Centerview, THQ’s banker, said it has proof buyers are keen on a piecemeal sale of THQ’s assets, but that THQ didn’t provide enough information to allow these to be valued. THQ was also made to look a little dodgy over the course of the hearing; it had projected a cashflow of $10 million debit, but actually holds $3.4 million credit.

Looking over the details of the proposed sale, the judge did not approve either the bidding process (which at 30 days is considered too short for alternate parties to participate) or the DIP motion (which would allow THQ to act as trustee for its assets in place of its creditors).

The hearing will reconvene on Monday and all parties have been told to get together and work out their problems beforehand if possible.

Source: Beefjack

Tags:
One comment (Leave your own)

‘THQ’s banker, said it has proof buyers are keen on a piecemeal sale of THQ’s assets’ Oh God no!

 
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
EA Access

EA Access isn’t perfect, but get used to it: This is just the beginning

Other major publishers will be watching with interest as EA offers the first subscription service.

Destiny

Destiny continues to impress in beta: Our thoughts as Bungie’s new juggernaut rolls on

It's clear that Bungie are putting their best foot forward with Destiny, but as James discovers, playing on your own can be strangely empty.

Screencheat

Five Australian Indie Games We’d Hand Arbitrary Awards To: AVCon 2014

From a split-screen shooter where everyone is invisible to an abandoned space station, Australian indies are killing it at this year's AVCon.

Streaming Radio
Radio Streams are restricted to iiNet group customers.

GreenManGaming MREC

Facebook Like Box