Judge Blocks THQ's Quick Sale, Warner Bros Starts Sniffing
Posted by Sammy Barker
Who fancies some serious legal mumbo jumbo before bed? THQ’s attempt at a quick sale to equity firm Clearlake Capital has been blocked following complaints from irked creditors. Earlier this week, the miffed parties noted that the proposed takeover had been purposely designed to minimise disruption, rather than maximise debt fulfilment. The consortium added that the company's intended 30-day sale window was too short to allow alternative parties to bid.
During a hearing yesterday, U.S. bankruptcy judge Mary F. Walrath sided with the creditors, rejecting the original plan and postponing further progress until a second hearing on 7th January. "I am not convinced that we are under the gun to have a sale process by the 15th," Walrath stated.
Meanwhile, five firms are currently scouting THQ’s assets, including Warner Bros. A company representative – in attendance at the hearing – explained that the organisation would be interested in further exploring acquisition options, should the sales period be successfully extended.
The Batman: Arkham City publisher has had great success picking up bankrupt teams in the past, with its takeover of Mortal Kombat developer NetherRealm Studios proving particularly lucrative. We’d certainly play a Warner Bros published entry in the Saints Row franchise – how about you?