|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 >>
James Ellsworth On His First Action Figure, Largest WWE Tag Team Matches (Video), Iconic Matches DVD
NJPW G1 Climax 27 Results (Day 3): Kota Ibushi Takes On Zack Sabre Jr.
John Cena Raps In Mandarin (Video), Drew McIntyre On Earning Title Shot At "NXT Takeover", Birthdays
GFW Star Confirms Departure, Title Match Set For Next Week's GFW Impact, Fan Interaction Video
Matt Hardy On Dealing With "A Demanding Situation", Shayna Baszler's Nickname, WWE - SDCC Videos
AJ Styles To Appear On New Southpaw Regional Wrestling Season, Details On His Character
Vince McMahon Was Apparently Not Happy With A Segment On "Talking Smack"
Alexa Bliss Says WWE Title Belt Had To Be Shortened To Fit Her, Talks Filming "Total Divas" In Japan
Samoa Joe On Helping John Cena Get WWE Job, What Caused WWE To Sign Him To Exclusive Deal, Triple H
Backstage News On Brock Lesnar's WWE Contract And Renewal
Karen Jarrett Fuels Rumors Of Former WWE Champion Going To GFW
Former TNA World Champion Already Done With GFW
Shane McMahon's Helicopter Makes Crash Emergency Landing In The Ocean Today (Video)
News On Kurt Angle Returning To The Ring, If Jason Jordan Storyline Had Been The Plan All Along
Former WWE Intercontinental Champion To Debut With GFW Soon, Indie Tag Team Being Signed, More
John Cena Says His WWE Days Are Numbered, Reveals Why He Is A Free Agent On TV