THQ’s Quick Sale is Slowed Down by Judge
Beleaguered game publisher THQ’s attempt to be quickly sold to Clearlake Capital for $60 million has been halted by a judge in response to creditors’ complaints from last week. They said that the sale’s quick turnaround wouldn’t give adequate time for other potential buyers to make offers on portions of the company, says an article on Business Week.
Lawyers for Warner Bros. were present at the hearing, at which point it was revealed that WB Interactive is “interested in evaluating THQ’s assets if the sale process is extended.” And in recent months, Ubisoft’s CEO Yves Guillemot has expressed interest in acquiring some of THQ’s properties. Now that the quick sale to Clearlake has been put on hold, both companies—and more—will have an opportunity to explore possible partial or total purchases.
In addition, THQ sought approval for a $37.5 million bankruptcy loan to help the company keep operating until the sale had gone through. However, because THQ’s cash flow exceeded its projections, it will still be able to keep operating through the bankruptcy process.
It’s unclear at this point just what will happen in the next few weeks. But due to this latest ruling, it seems likely (to me at least) that THQ’s assets and IPs may get snapped up by separate companies. We may see Saint’s Row end up at Ubisoft, with Metro going to WB Interactive…all speculation, of course. But since the brakes have been put on the $60 million sale to Clearlake, I wouldn’t be surprised if these other companies manage to come up with the cash to take what they want from THQ.