THQ will not be allowed to complete its pre-pack sale to Clearlake Capital, opening the door for a possible swoop by Warner Bros.
That’s because US Bankruptcy Judge Mary Walrath has ruled in favour of creditors who last week objected to the arrangement, arguing that the process prevented other interested parties getting their fair chance.
As a result THQ has not got the nod for its $37.5m bankruptcy loan.
Walrath shared creditor’s concerns that the proposed sale wasn’t even announced prior to the agreement with Clearlake, adding that around ten potential buyers have expressed interest since the collapse was made public.
I am not convinced that we are under the gun to have a sale process by the 15th,” Walrath stated, as reported by BusinessWeek. In the meantime I think the parties need to talk.”
Creditors also want bidders to be able to bid for specific IP without being forced to acquire other assets as the individual titles may have substantial value”, they claim.
A lawyer for Warner Bros confirmed that the company would be interested in evaluating THQ’s assets if the sale process is extended”.
MCV revealed in December that Ubisoft is also interested in a possible asset swoop.