FutureFive NZ - Troubled THQ attracting interest

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Troubled THQ attracting interest

The future of THQ is anything but certain, with five potential buyers expressing an interest in purchasing the financially troubled company.

Currently, the five potentials are listed as “strategic buyers,” who are performing “active due diligence”; in regular talk, that means they are conducting inquiries into the actual value of the company.

Reports from Distressed Debt Investing on Twitter show that five companies are interested, however they are interested in the purchase of individual titles as opposed to buying the entire company.

Distressed Debt Investing attended a hearing at a US bankruptcy court in Delaware, where a speaker told the court that “the pre-petition THQ sales process didn’t give enough information for [strategic buyers] to value individual titles.”

The only named interested buyer is Warner Bros., who apparently “have [a] team ready to complete due diligence if more time is allowed.”

This hearing is just a drop in the dramatic ocean for THQ, as the company’s creditors have also objected to the potential sale of the company to Clearlake Capital, a financial firm currently awaiting approval to purchase the company.

These creditors have been revealed as Wilmington Trust, WWE, Silverback Asset Management, Mattel and Viacom.

The other four buyers remain unknown, but it has been suggested already that Ubisoft could be looking to get in on the action.

Hearing for the case will continue this week, but until then the future of THQ remains very much in question.

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