|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 >>
Big Update On Tonight's Fatal 4-Way Match For The WWE Universal Championship
WWE Monday Night RAW Live Results, Your Feedback And Viewing Party
More On The Brock Lesnar Vs. Randy Orton Rematch
Dan Severn On Brock Lesnar Comparisons, Vince McMahon, Choosing WWE Over WCW, Leaving WWE, UFC Sale
Seth Rollins, Kevin Owens, Roman Reigns And Big Cass On Tonight's Big RAW Fatal 4 Way (Videos)
Jim Ross On Talks Between Goldberg And WWE, Kevin Owens Winning Universal Championship
Randy Orton On Brock Lesnar Rematch Next Month, Cesaro's Advice If You've Been Drinking, WWE Shop
Steve Austin Begins Filming Show, New Episode From Goldust And His Daughter, WWE Stock Down
Rumors Of WWE Star Getting Kicked Off Plane, Terri Runnels Reveals Which WWE Angle She Hated, More
Spoiler Update On A WWE Tag Team Returning
WWE Superstar Officiates Sasha Banks' Wedding Ceremony
News On When John Cena Will Be Taking His Next WWE Hiatus
Kurt Angle Talks Burying The Hatchet With Triple H, WWE Return, Why Shelton Benjamin Was Returning
Kurt Angle Talks Brock Lesnar Busting Randy Orton Open, Lesnar's UFC Suspension, Lesnar Fighting
John Cena - Smackdown News, Why SmackDown Stars Won't Be At WWE RAW For First Time Since Brand Split
More Details On Bo Dallas Being Kicked Off Plane, Seth Rollins Heat With Airport Gate Agents