THQ will sell whole unless exceeded by individual asset bids

THQ confirmed this morning the details of yesterday’s reported bankruptcy proceedings and noted the a la carte purchasing of the company’s assets will only occur 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, Metro) 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, with the closing on January 24.Continue reading THQ will sell whole unless exceeded by individual asset bidsTHQ will sell whole unless exceeded by individual asset bids originally appeared on Joystiq on Tue, 08 Jan 2013 08:30:00 EST. Please see our terms for use of feeds.
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