Five potential buyers interested if more time allowed; court to reconvene Monday

Warner Bros ponders THQ bid

MCV Staff 7th January 2013 Publishing

Five potential buyers are in "active due diligence" to purchase bankrupt publisher THQ.

Warner Bros was the only buyer named in the hearing, convened as lendors objected to the "stalking horse" bid from Clearlake Captial.

THQ’s lendors objected to the bankruptcy proceedings on the grounds that the thirty day window was not adequate for potential bidders to surface.

Acording to live onsite reporting from Distressed Debt Investing, Judge Mary Walrath did not approve the bidding procedures, and intructed all parties to work out their issues over the weekend.

Court will reconvene on Monday at 10:30 am.

M&A firm Centerview Partners testified the five bidders were interested in purchasing individual titles from THQ, rather than a wholesale bid on the company.

Clearlake has not allowed individual bids on portions of the publisher.

Warner Bros Lawyers said the company is ready to complete due diligence if more time is allowed.

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