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THQ has been denied its request for a quick bankruptcy sale and failed to obtain approval of a loan to help fund operations until its sale, reports Bloomberg Business Week.

US bankruptcy judge Mary F. Walrath sided with creditors who had argued the proposed sale process was shutting out potential buyers which would need more time.

"I have problems concluding that the pre-petition sale process was fulsome," said Walrath, adding that the publisher "did not even put out to the public that it was for sale" until potential buyers signed non-disclosure agreements.

THQ hoped to hold an auction for the firm on January 9 and wanted bids to be placed by January 8 with a sale to be approved on January 10. THQ's creditors want an extra three weeks added to the process.

One potential bidder is Warner Bros. Entertainment, but only if the sale process is extended, according to Howard J. Weg, a lawyer representing the company. Creditors have also requested that bidders be able to bid on individual titles, which could produce more money than moving on the publisher in one piece.

"The individual titles may have substantial value," said Walrath.

A second hearing is scheduled for today.

Source: Business Week

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Wido's Avatar

Wido

I can see Saints Row going to Warner Bros, but WWE? Hmm, I really do not know who will end up snatching that up. EA? I'm surprised WWE haven't bought the developer who has made the games and publish it for themselves.
Posted 19:57 on 07 January 2013
Clockpunk's Avatar

Clockpunk

My bad - good catch! I did, of course, mean Arkham City :p
Posted 16:16 on 07 January 2013
MrGloomy's Avatar

MrGloomy

I though Amazing Spiderman was published by Activision? Anyway, it's real shame THQ is going the way of the Dodo. My first industry job was with them and I met some amazing people and THQ has done some of my favourites games over the years. Still, I hope some of their key licenses get saved and treated the way they deserve.

My shout for the licenses I'd like to see given a decent home would be:

Saints Row
Darksiders
Red Faction
Dawn of War
Posted 15:17 on 07 January 2013
Clockpunk's Avatar

Clockpunk

Hmm... Warner Bros are turning out some decent titles... (Amazing Spider-Man, Mortal Kombat, etc - just such a shame they cancelled This is Vegas :-/), so I'd be happy seeing Saints Row end up with them.
Posted 13:33 on 07 January 2013