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THQ Able To Move Forward With Sale Process, Bankruptcy After Court Approval

WWE's video game partner, THQ, won court approval of a revised, longer bankruptcy sale process and loan to help fund operations after reaching an agreement with creditors.

Bloomberg reports that U.S. Bankruptcy Judge Mary F. Walrath approved guidelines that will govern the sale of the company’s assets at a bankruptcy auction and the company’s $37.5 million bankruptcy loan at a hearing Monday in Wilmington, Delaware.

The auction date is scheduled for January 22, 2013 with a process for sale by January 23, 2013. Clearlake Capital Group LP's opening bid has been approved by the court but the auction will allow for more bids to be placed.

THQ CEO Brian Farrell issued the following statement:

“Today’s ruling provides a clear path. We will now know definitively by Jan. 23 where we stand,”

Click here for coverage by Bloomberg.

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