THQ Sale Delayed To Provide More Time For Potential Bidders
Posted on Monday, January 7 @ 12:37:57 PST by Alex_Osborn
Last week, creditors and a US Trustee filed objections against the sale of THQ, claiming that the timeframe was not large enough to allow for other bidders to get in on the action. Now, thanks to a ruling from U.S. Bankruptcy Judge Mary F. Walrath, it looks the sale of THQ will be delayed for this very reason.
According to the judge, THQ's “efforts to market the company for sale before bankruptcy weren’t sufficient for her to allow the aggressive sale process," adding that she had "problems concluding that the pre-petition sale process was fulsome,” as THQ “did not even put out to the public that it was for sale.”
Initially, THQ wanted the sale to close on January 15th, but now it looks like it may be extended three additional weeks. In addition, we may end up seeing THQ part with its properties one at a time, as Judge Walrath believes that “the individual titles may have substantial value."
We'll be sure to keep you updated on the status of THQ in the coming weeks, so keep it locked to GameRevolution.
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