|By Raj Giri||December 19, 2012 | Comments|
- NJ.com has an article about Union Beach Fire Department workers randomly meeting members of the Moonachie Fire Department at a recent RAW event in New Jersey. The chance meeting at the event led to the Union Beach Fire Department donating equipment to the Moonachie Fire Department that was damaged in Hurricane Sandy. You can read the full article here.
- WWE video game publisher THQ has filed for Chapter 11 bankruptcy protection and is working with investment firm Clearlake Capital Group to acquire their assets. The firm will serve as a "stalking horse bidder," which allows for other potential buyers to bid on the company.
You can view the full press release below:
THQ Inc. Secures Asset Purchase Agreement with Affiliates of Clearlake Capital Group, L.P.
Clearlake Offers to Acquire THQ's Assets Via Section 363 under Chapter 11; Company Obtains Commitment for Interim Financing to Fund Operations Without Interruption
AGOURA HILLS, Calif.--(BUSINESS WIRE)--Dec. 19, 2012-- THQ Inc. (NASDAQ: THQI), a leading worldwide developer and publisher of interactive entertainment software, today announced that it entered into an Asset Purchase Agreement with a "stalking horse bidder," affiliates of Clearlake Capital Group, L.P., to acquire substantially all of the assets of THQ's operating business, including THQ's four owned studios and games in development. The sale will allow THQ to shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology.
To facilitate the sale, THQ and its domestic business units have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware. The company's foreign operations, including Canada, are not included in the filings. The company has obtained commitments from Wells Fargo and Clearlake for debtor-in possession (DIP) financing of approximately $37.5 million, subject to Court approval.
THQ will continue operating its business without interruption during the sale period, subject to Court approval of THQ's first-day motions. All of the company's studios remain open, and all development teams continue. The company remains confident in its existing pipeline of games. THQ maintains relationships with some of the top independent development studios around the globe. As part of the sale, the company is seeking approval to assume the contracts of these studios, and Clearlake will assume these contracts.
"The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ's deep bench of talent," said Brian Farrell, Chairman and CEO of THQ. "We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible."
Joe Raider Fan contributed to this article. Got a news tip or correction? Send it to us by clicking here.
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