THQ Assets Up for Bids

THQ received approval from the U.S. Bankruptcy Court on the calendar to conduct bidding and complete the sale of the company following an agreement reached between the potential buyer and the committee representing unsecured creditors. The Court approved Clearlake Capital Group, L.P.’s bid for the entire company as the opening bid for an orderly auction process. The Court also approved procedures that allow other interested parties to bid for individual assets or for the entire company, but bids for individual assets will only be considered superior to an aggregate bid for the entire company if the value generated by separate sales were to exceed the price offered by an individual bidder for the entire company.

The new calendar now calls for all bids to be received by January 22 at 9:00am ET. The auction will be held later that day at 3:00pm. The hearing on the sale will be held at 9:30am January 23, and the closing will occur January 24.