Los Angeles Business Journal

THQ Faces Opposition to Bankruptcy Sale

By Alfred Lee Friday, January 4, 2013

Agoura Hills video game publisher THQ Inc. is facing opposition to its accelerated bankruptcy sale from creditors and the U.S. Trustee, Bloomberg News reported on Friday.

Both want the process slowed down to encourage more bidding.

THQ filed for Chapter 11 bankruptcy on Dec. 19, and wants a Delaware judge to put the business up for auction on Jan. 9.

The company has Clearlake Capital Group LP under contract as a stalking horse bidder to buy the business for about $60 million.

The company has been struggling after years of losses stemming from its emphasis on kids’ console games while customers moved to lower-price mobile and social media games. That was worsened by the flop of the uDraw gaming tablet, which missed sales projections by $100 million in 2011.