THQ Auctioning Off Franchises

thqWell THQ has definitely not been having a good last few months. After being de-listed by the NASDAQ stock exchange, things were looking up as they appeared to be heading for Chapter 11 bankruptcy and an influx of cash from a ready buyer. Unfortunately that sale was denied by a judge after coming to the conclusion that it was too short a sale period. Now THQ has a much longer sale period and will be accepting bids on their gaming franchises up to January 22nd. The auction will then be held the next day and the sale made final on the 24th according to Bloomberg. Clearlake Capital Group LP is one of the potential bidders and was the original company that THQ was going to sell itself to so expect them to factor in heavily in the bidding process. THQ will also still be able to receive a $37.6 million bankruptcy loan to help the company through its transition and it works to reorganize the company.

THQ has not made any announcements of any layoffs at the company and a full list of offered franchises was not made available though the “Saint’s Row” franchise is confirmed to be one of the franchises being auctioned. Hopefully the funds from the auction, as long as they do not lose too many core franchises, will give THQ the ability to rebound and become profitable once again.