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THQ restructuring

19 Dec 2012, 19:40 PM
#1
avatar of MajorBloodnok
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Posts: 10665 | Subs: 9

I imagine many of you will have read this

http://www.kccllc.net/thq

I was wondering how the stalking horse will emerge?

Absent certain histrionics on the previous board about the whole situation, it seems to me, dispassionately, that filing for bankruptcy to restructure was an almost inevitable outcome, and will hopefully rescue the various operations from the quagmire in which the struggling THQ board found themselves.

THQ will continue operating its business without interruption during the sale period, subject to Court approval of THQ's first-day motions. All of the company's studios remain open, and all development teams continue. The company remains confident in its existing pipeline of games. THQ maintains relationships with some of the top independent development studios around the globe. As part of the sale, the company is seeking approval to assume the contracts of these studios, and Clearlake will assume these contracts.

"The sale and filing are necessary next steps to complete THQ's transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ's deep bench of talent," said Brian Farrell, Chairman and CEO of THQ. "We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible."


And

Clearlake has agreed to serve as the "stalking horse bidder" for a Section 363 sale process, which allows other interested parties to come forward with competing bids. Aggregate consideration offered by Clearlake for the purchase totals approximately $60 million, including a new $10 million note for the benefit of the company's creditors. The company is asking the Court for a schedule to complete the sale process in about 30 days.


http://www.nasdaq.com/article/thq-inc-secures-asset-purchase-agreement-with-affiliates-of-clearlake-capital-group-lp-20121219-00832

Consumers and retailers should see no changes while the company completes a sale. The new financing will support business operations throughout the period. THQ does not intend to reduce its workforce as a result of the filing, and employees will continue to work their usual schedules and receive normal compensation and benefits, pending customary Court approval
.



21 Dec 2012, 10:45 AM
#2
avatar of Rogers

Posts: 1210 | Subs: 1

Seems like good news to me, they are getting all the funding they need. All their games are on target. Seems like the best outcome.
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