14 DAY TRIAL // THQ's bankruptcy process might not end as soon as the company and its potential buyer, Clearlake Capital, had hoped, as a judge has ruled that a new hearing will be convened later today, January 7, and hinted that the publisher might be forced to individually sell off its franchises to interested parties, including the likes of Warner Bros. Interactive Entertainment.
THQ, after many financial problems, revealed at the end of last year that it was going bankrupt. The news had a positive aspect for fans of the company, as THQ already had a buyer lined up, in the form of Clearlake Capital, and confirmed that the deal would go through this week unless other companies present more attractive bids.
As we heard last week, however, several parties raised objections, including a U.S. Trustee and a group of THQ creditors, who demanded THQ to extend the deadline and sell its franchises individually in order to attract more buyers.
Now, via GamesIndustry, it seems that a bankruptcy court judge shares these feelings, as he has opted to reconvene the hearing later today, January 7.
During this new stage of the bankruptcy process, all objections will be heard and new bids can be offered for THQ as a whole. Depending on the ruling, certain franchises might be sold off individually.
What's more, it seems that five different companies are currently preparing their bids, although only one has actually been named, in the form of Warner Bros. Interactive Entertainment.
Warner Bros. isn't a stranger to bankruptcy hearings, as the company bought franchises like Mortal Kombat or Spy Hunter when their publisher, Midway, went bankrupt several years ago.
The four other companies might also include Ubisoft, as the French publisher expressed its interest in certain THQ franchises several months ago.
You can expect to hear more about THQ's bankruptcy process later today, after the hearing.