Report: Five Companies Vying for Various THQ Assets

Update: GamesIndustry International is reporting that Electronic Arts has been revealed as one of the five publishers looking to buy intellectual property or other assets from THQ. Some are also speculating that Ubisoft could be part of that group too.

Original Story: According to Polygon, rumors are circulating that THQ is being courted by at least five buyers. One of those buyers has been identified as Warner Bros., according to Distressed Debt Investing. In a series of tweets, DDI said that it was sitting in on a hearing in the case at a United States Bankruptcy Court for the District of Delaware.

DDI tweeted that Centerview Partners banker Sam Greene testified that five buyers are actively in discussions with the troubled publisher. Greene also testified that many of the buyers were interested in purchasing individual games and franchises from THQ, as opposed to buying the publisher's lineup or the company as a whole.

THQ note holders and U.S trustee Roberta DeAngelis (who is overseeing the bankruptcy case) objected to the quick turnaround on the sale of the publisher to investment firm Clearlake Capital Group for $60 million. Judge Mary F. Walrath did not approve bidding procedures in the case or the quick sale, according to DDI's reporting. Instead she told lawyers for THQ, its creditors and potential buyers that they needed to "talk with one another to work out issues" and reconvene for a hearing today.

We'll have more on this story as it develops.

Source: Polygon

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