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
Civilization: Beyond Earth

Civilisation: Beyond Earth shoots for the stars but lands on the moon

Firaxis make some great strides, but not everything in the future is always better.

Borderlands: The Pre-Sequel

Borderlands: The Pre-Sequel’s great humour carries it through

It may feel like the world's biggest piece of Borderlands 2 DLC, but the Pre-Sequel has a flavour all its own.

The Evil Within

The Evil Within: It’s a fine line between pleasure and pain (especially on PC)

We check out Shinji Mikami's latest punishment simulator, but buyer beware when it comes to the PC version.

Shadow of Mordor

Choose your own adventure: Why heavily scripted cinematic games need to loosen up

It's time for game developers to sit back and let the players take control.

world of warcraft warlords of draenor

World of Warcraft’s Tom Chilton talks Warlords, paid level 90 boosts, and jumping the shark

WoW's Game Director explains how they've been on, off, and all around the shark since 2004.

Streaming Radio
Radio Streams are restricted to iiNet group customers.

GreenManGaming MREC

Facebook Like Box