Daily News: January 7, 2013

Bankruptcy Court Denies Approval THQ Sale Process and Loan

U.S. Bankruptcy Judge Mary F. Walrath denied approval of THQ’s DIP loan and quick bankruptcy sale bid. Walrath said in her ruling that the quick sale did not give potential bidders enough time and that THQ did not make its pre-petition sale process public, Bloomberg reported.

The company, which filed for bankruptcy protection Dec. 19, 2012 was seeking approval for a Jan. 9, 2013 auction. Potential buyers were expected to submit their bids by Jan. 8, however creditors want to extend the sale process by about three weeks, the article said.

To read the full Bloomberg story, click here.

Previously on abfjournal.com:

Court Gives Interim Approval of THQ DIP Loan, Friday, December 28, 2012