|By Raj Giri||December 19, 2012 | Comments|
According to Jason Rubin, who joined THQ as President last May, "We have incredible, creative talent here at THQ. We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels."
Clearlake has agreed to serve as the "stalking horse bidder" for a Section 363 sale process, which allows other interested parties to come forward with competing bids. Aggregate consideration offered by Clearlake for the purchase totals approximately $60 million, including a new $10 million note for the benefit of the company's creditors. The company is asking the Court for a schedule to complete the sale process in about 30 days.
Consumers and retailers should see no changes while the company completes a sale. The new financing will support business operations throughout the period. THQ does not intend to reduce its workforce as a result of the filing, and employees will continue to work their usual schedules and receive normal compensation and benefits, pending customary Court approval.
As is the case after a Chapter 11 filing, THQ expects to receive notice from NASDAQ informing the company that its shares will be delisted from the exchange within nine calendar days of notification.
THQ is being advised by Centerview Partners LLC and FTI Consulting as its financial advisors and Gibson, Dunn & Crutcher as legal counsel. Clearlake is being advised by DLA Piper as legal counsel.
Joe Raider Fan contributed to this article. Got a news tip or correction? Send it to us by clicking here.
Fightline.com - Bj Penn Talks His Fighting Future >>
The Rock Reveals New Project Rock Headphones (Photo), AJ Styles On Tour, Rich Swann Post-WWE Video
WWE On Vader Passing Away, Videos From His Career
Lana And Rusev React To Extreme Rules WWE Title Shot, Fans On SAnitY, Titus O'Neil - WWE Sweepstakes
Leon "Big Van Vader" White Passes Away At 63
WINC Podcast LIVE NOW: Vader's Passing, WWE SmackDown Review, Big Cass Released, Sami Zayn Injury
Jon Jones Offers To Help UFC Champion, Dana White Contender Series Results, UFC 225 PPV Numbers
Triple H Avoids Brock Lesnar Question While Promoting WWE UK Tournament
The Undertaker Social Media Update, William Regal Returning To WWE NXT TV Soon, AJ Styles - WWE 2K19
WWE Monday Night RAW Results - Big Title Change, MITB Fallout, Ronda Rousey Gets Suspended, More
WWE Releases Big Cass
When Big Cass Was Fired By WWE, Charlotte Flair ESPN "The Body" Issue Photo, Titus O'Neil Note
WWE SmackDown Results - Gauntlet Match, Tag Team Title Match, SAnitY Debuts, Asuka - James Ellsworth
Paige Assaulted By A Fan After WWE Money In The Bank
Jack Swagger On Why The 'We The People' Gimmick Was Cut Short
Enzo Amore Tweets On Big Cass' WWE Departure?, Final WWE UK Tournament First Round Match, WWE Stock
Backstage News On Original Plans For The WWE Money In The Bank Main Event, James Ellsworth, Visitors