The future of publisher THQ could be decided by Jan. 23, one day after the auction that will disperse the company's assets and titles, according to the company's CEO.
THQ's franchises will be broken up and sold title-by-title, with all bids due by 9 a.m. ET on Jan. 22. The auction will take place at 3 p.m. the same day, with a hearing scheduled for the following morning at 9:30 a.m. The auction's closing will take place on Jan. 24.
"Today's ruling provides a clear path. We will now know definitively by Jan. 23rd where we stand," said THQ chairman and CEO Brian Farrell in a statement, referring to Monday's ruling approving piecemeal sale of the company's games. "We appreciate the support of our employees, partners, and suppliers now more than ever."
THQ received approval for the sale in a Delaware Bankruptcy Court yesterday following an agreement between potential buyers and a committee representing the company's unsecured creditors. The Court also approved procedures for parties to bid on individual assets as well as the entire company. However, bids made for individual assets will only be considered over an aggregate bid for the entire company if separate sales generated by assets exceed an individual bidder's offer for the entire company.
Clearlake Capital Group's bid for the company as a whole was approved by the Court as the opening bid.