Warner Bros. is revealed as one of the companies interested in purchasing THQ.
Continuing the coverage of the adventures of THQ and their bankruptcy proceedings, the company was sitting U.S. Bankruptcy Court in Delaware on Friday. Hunter, from Distressed Debt Investing(DDI), was reporting live through his Twitter account, and says there are five strategic buyers interested in purchasing the company or parts of it. Warner Bros. had lawyers present during the proceedings and stated “they have a team ready to complete due diligence if more time is allowed.”
Some unnamed companies have made it apparent that they are only interested in certain titles, though the investment company Clearlake Capital, that is waiting approval in purchasing the company, states that at this time it is not an option. During the hearing, it was reported that had not been not enough time to be able to value each individual title.
Companies looking for payments are Wilmington Trust, WWE, Silverback Asset Management, Mattel, and Viacom. In the end, nothing was accomplished as the judge did not approve the bidding procedure or DIP motion (don’t be embarrassed, I had to look it up too). The judge told all parties present to talk and work out issues that were presented during the day. A new hearing was scheduled for Monday (1/7) at 10:30am.