THQ’s bankruptcy claim is still on-going but it appears that we will be seeing the company rise from the ashes as there are reportedly five “strategic buyers” performing “active due diligence” on THQ.
What this means is that five potential buyers are interested, including Warner Bros., in purchasing the games developer. The information is according to Distressed Debt Investing, who attended a hearing today at a U.S. Bankruptcy Court in Delaware.
Distressed Debt Investing has stated via its Twitter account that Sam Greene of Centerview Partners (THQ’s banker) has five “strategic buyers” who are “in active due diligence in THQ.” However, these 5 buyers are not currently interested in the whole of THQ but more interested in individual titles, for which Clearlake Capital (the financial firm that is awaiting approval to buy THQ) has said they are not interested in.
What this means though is that there are numerous companies who are vying for certain properties from the games developer including the WWE, Saints Row, Red Faction and Metro franchises of games.
Currently discussions are going on regarding what and how THQ can be sold, with investors obviously wanting to see the company sold as whole and potential investors looking to pick out the best features and games from THQ.
Yesterday THQ’s creditors objected to the sale of THQ by arguing that the 30 day approval period for Clearlake’s purchase of the company is not an adequate window and doesn’t allow potential bidders enough time to make an offer for THQ’s properties. DDI revealed today that those creditors include Wilmington Trust, WWE, Silverback Asset Management, Mattel and Viacom.
Warner Bros. is the only company that has been revealed to be in the mix for bidding but rumours on the other four companies looking to pick up some of THQ’s assets include French game studio Ubisoft.
We hope that THQ can carry on as a separate company, but the good news is that many of our favourite THQ games will be picked up regardless of whether THQ survives as a company or not.