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THQ Bidding Commences

Publisher files for bankruptcy with buyers aplenty.

Struggling games publisher THQ confirmed this morning the details of yesterday's reported bankruptcy proceedings and noted the purchasing of the company will only occur if it exceeds a whole buyout.

"Today's ruling provides a clear path. We will now know definitively by Jan. 23rd where we stand," stated THQ CEO Brian Farrell. "We appreciate the support of our employees, partners, and suppliers now more than ever."

As things stand now, we know that private equity firm Clearlake Capital Group has offered "$60 million, including a new $10 million note for the benefit of the company's creditors." What this means is that anybody offering more for the whole of the company can take THQ.

There is also the very real possibility that Electronic Arts, along with Warner Bros and other un-named bidders, could collaboratively purchase THQ's intellectual property (Saints Row, Darksiders, Metro) and studios (Volition, Relic). If those bids exceed Clearlake's total (and Saints Row is definitely getting any player most of the way there) that's it for THQ.

Bids are due January 22, 2013 by 9AM Eastern. The auction will be held at 3PM. Hearing on the sale will be held at 9:30AM the following day, with the closing on January 24. I’m sure that like most of the people that read CCL-Tech, we would all like THQ to stay as one company and continue to be one of the best publishers around.