Publisher THQ reportedly has five strategic buyers investigating a possible purchase of the company, which filed for bankruptcy protection in December, including Warner Bros., according to a report from Distressed Debt Investing.
Reporting from a hearing in the case at a United States Bankruptcy Court for the District of Delaware, DDI writes in a series of tweets that Centerview Partners banker Sam Greene testified that five buyers are in active due diligence on THQ. Greene also reportedly said those buyers are interested in purchasing individual games and franchises from THQ, not buying the publisher's lineup as a whole.
Earlier this week, certain THQ lenders and Roberta DeAngelis, a U.S. trustee overseeing the bankruptcy case, objected to the quick turnaround on the sale of the publisher, arguing that the short sale window of "about 30 days" would limit bidding on the company. A trio of THQ lenders further objected to the company's stable of franchises being sold as a group as opposed to on a title-by-title basis.
A bondholder banker reportedly testified that the THQ sales process "didn't give enough information for [strategic buyers] to value individual titles." Lawyers for Warner Bros., which purchased titles like Mortal Kombat and Spy Hunter from bankrupt game publisher Midway Games in 2009, reportedly said they have a "team ready to complete due diligence if more time is allowed" for the sale.
Judge Mary F. Walrath did not approve bidding procedures in the case, according to DDI, telling lawyers for THQ, its creditors and potential buyers to "talk with one another to work out issues" and reconvene for a hearing on Monday.
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