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Default THQ Asset Auction Clearlake Deal Not Approved

January 8th, 2013, 04:31
THQ’s attempt to keep its operations in one piece through a sale to Clearlake Capital has failed, with a number of interested parties expected to bid on its individual assets this month. Clearlake attempted to address the judge and objector’s issues with the proposed sale.

The capital group, which is providing credit to THQ during its bankruptcy, agreed to lower an unusually high disappointment payment, allow potential buyers to bid on individual titles and to extend the time permitted for bids until January 15.

Clearlake and THQ’s creditors hadn’t been able to reach an agreement, and as such, the presiding judge ruled that the January 15 extension was not long enough. After some arguing, all parties agreed to a January 22 auction of THQ’s major assets on a title by title basis.

At least five potential buyers were known to be interested in THQ’s assets over the weekend, including Warner Bros. The hearing revealed that EA has also made an appearance. Ubisoft is also said to be interested.

After adjourning its first hearing today, THQ reconvened at 3:00PM and announced that a compromise was made among various parties. A form of order has yet to be presented but the general takeaways:

Bids are due 9am January 22nd
Auction will be held 3pm on January 22nd
Sale Hearing January 23rd at 9am
The auction will allow for bidders to bid on only certain assets (titles, studios, etc) in the auction
Not good news at all. I knew the company would be broken in pieces and sold off. More info on the links website-http://www.distressed-debt-investing.com/
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