Troubled publisher THQ, which declared bankruptcy late last year, is to be sold off bit-by-bit to the highest bidder. Currently, that list is believed to include major publishers including EA, Ubisoft and Warner Bros, with potentially ten companies throwing their hats into the ring.
In a hearing last Friday, the judge did not set out any official bidding procedures for the case, instead requesting all (unnamed) parties “talk with one another to work out issues” – this did not happen by today’s hearing, reports Distressed Debt Investing. Last week, a representative reported there were five buyers interested in picking up individual THQ games and franchises, but nobody wanted the whole lot.
Clearlake Capital, the group that bought THQ assets after the company declared bankruptcy in December, reportedly had wanted to keep everything together, with the auction held on January 15th. THQ defended this decision as “necessary”, explaining the company would likely run out of money before the end of January. The court, however, found this to be inappropriate and has bumped everything back a week and broken the assets into parts.