Latest On WWE Video Game Licensee Bankruptcy



wwe-13

THQ lost its bid for a quick bankruptcy sale because they had failed to obtain approval of a loan to help fund operations. U.S. Bankruptcy Judge Mary F. Walrath ruled in favor of creditors this past Friday that the sale process didn’t give potential buyers enough time.

“I have problems concluding that the pre-petition sale process was fulsome,” Walrath told lawyers at the hearing, noting THQ “did not even put out to the public that it was for sale” until potential buyers signed non-disclosure agreements.

Bloomberg is reporting that about 10 potential buyers contacted THQ after finding out about the sale from its bankruptcy filing.

WWE’s video game partner THQ filed for chapter 11 bankruptcy protection on December 19th with a deal in place to sell most of its assets to Clearlake Capital Group LP in a deal valued at about $60 million. The company sought approval to hold an auction on January 9th with potential buyers submitting bids by January 8th, followed by a January 10th hearing to approve the sale. Creditors want the process extended by about three weeks.



Recent Posts

Daniel Bryan Teaming With The Shield, New WWE Feature Debuting, Superstars & Metallica, More

Daniel Bryan Teaming With The Shield, New WWE Feature Debuting, Superstars & Metallica, More

- Daniel Bryan & The Shield vs. The Wyatt Family is being locally advertised for the May 27 Smackdow...

WWE Reaction To Eric Young’s World Title Win, Top 10 Extreme Rules Moments, SummerSlam

WWE Reaction To Eric Young's World Title Win, Top 10 Extreme Rules Moments, SummerSlam

- People within WWE are said to be "incredibly amused" by TNA putting their World Heavyweight Title ...

Hulk Hogan Films Interviews For WWE, The Rock Training For Movie Role In Australia

Hulk Hogan Films Interviews For WWE, The Rock Training For Movie Role In Australia

- Hulk Hogan filmed several hours of interviews at WWE's studios in Stamford earlier this week. The ...

Bad News Barrett &  Alexander Rusev Featured On WWE Slam Of The Week

Bad News Barrett & Alexander Rusev Featured On WWE Slam Of The Week

- Bad News Barrett is featured in this week's RAW Slam of the Week: - Alexander Rusev is feat...

How Many Stitches Were Needed For Charles Robinson’s Thumb?, New Photo

How Many Stitches Were Needed For Charles Robinson's Thumb?, New Photo

As noted, WWE referee Charles Robinson almost lost his thumb while working on the ring crew at Frida...