A judge in the United States as denied troubled THQ the opportunity to raise a loan that would enable a quick sale of its assets as it seeks to sell IP and assets to Clearlake Capital Group LP in a deal valued at about $60 million.
THQ - of WWE and Saints Row fame - initially filed for Chapter 11 bankruptcy protection just before Xmas 2012. Not only did the filing reveal new games IP it also made it very clear that Clearlake was a favoured selling option.
BusinessWeek, however, now reports that, U.S. Bankruptcy Judge Mary F. Walrath in Wilmington, Delaware, "sided with creditors that said the proposed sale process didn’t give potential buyers enough time. Walrath found the video-game maker’s efforts to market the company for sale before bankruptcy weren’t sufficient for her to allow the aggressive sale process."
The report states that "about 10 potential buyers contacted THQ after finding out about the sale from its bankruptcy filing, evidence the marketing 'isn’t an adequate substitute for a sales process in bankruptcy.'"
Back to Square 1 for THQ.
THQ - of WWE and Saints Row fame - initially filed for Chapter 11 bankruptcy protection just before Xmas 2012. Not only did the filing reveal new games IP it also made it very clear that Clearlake was a favoured selling option.
BusinessWeek, however, now reports that, U.S. Bankruptcy Judge Mary F. Walrath in Wilmington, Delaware, "sided with creditors that said the proposed sale process didn’t give potential buyers enough time. Walrath found the video-game maker’s efforts to market the company for sale before bankruptcy weren’t sufficient for her to allow the aggressive sale process."
The report states that "about 10 potential buyers contacted THQ after finding out about the sale from its bankruptcy filing, evidence the marketing 'isn’t an adequate substitute for a sales process in bankruptcy.'"
Back to Square 1 for THQ.
Companies:
THQ
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Comments
Sportz 19 Jan 2013 11:28
1/1
Liens do not magically daisppear after a bankruptcy discharge (which I assume is what you mean rather than dismiss because a bankruptcy dismissal results in none of your debts being discharged which defeats the purpose of filing). You are no longer personally liable but they have a perfected lien on the house. You may be able to get it avoided, BUT talk to your bankruptcy attorney, because this is dependent on a few factors (value of the house, homestead exemption, and amount of equity available). Whether you can get it done by that date depends on your attorney and the bankruptcy court schedule between now and then.