In a hearing today, U.S. Bankruptcy Judge Mary F. Walrath approved a process that will end in the sale of THQ by January 23, 2013. This process includes governmental oversight on the sale and distribution of assets for the game maker, as well as settling the $37.5 million bankruptcy loan.
This comes after Walrath denied THQ’s request to hold an auction on January 4th, only 21 days after the original bankruptcy filing, due to creditor’s concerns that the time table led to too a rushed sale that did not allow for other companies to submit competing bids to Clearlake Capital Group LP’s original amount of approximately $50 million. Now potential buyers will have until January 22nd to submit bids, and in the evening of the 23rd the auction will take place.
This new process will also allow for bids on individual assets and video game titles, a decision which creditors were pushing for. Individual game franchises such as the successful Saint’s Row series, which has sold over 11 million copies worldwide, can now be bid on by other perspective companies. Among these bidders is Electronic Arts, which has already completed visits to THQ locations.
More information will be provided in the upcoming weeks as the January 23rd deadline approaches.