THQ Bankruptcy: Creditors Claim The Sale Is Rigged
Creditors who were looking to recoup some of the losses during the THQ bankruptcy claim the sale of the company’s assets has been rigged.
Clearlake Capital Group stands accused of rigging the sale of the beleaguered game company’s assets. According to Kotaku, three creditors and the government trustee overseeing the bankruptcy have filed objections to the plan.
In addition to making a grab for THQ’s assets, the private equity firm is being criticized for allowing the game developer’s management staff to remain in their respective positions. Since the bankruptcy process seems to favor THQ and not the creditors, several companies have taken issue with the current situation.
Gamasutra reports that a number of factors have led the creditors to declare the sale to be rigged. Reports indicate Clearklake Capital Group has put into place minimum overbid amounts and a number of fees to be charged to those interested in bidding.
If no one takes interest in THQ’s assets, then the private equity firm could acquire the game company for around $60 million. This would allow THQ to put the finishing touches on a number of titles including the long-awaited South Park: The Stick of Truth. The deal would also mean that Clearlake gets all of the studios and franchises owned by the company.
The creditors who feel the bankruptcy wasn’t designed with their interests in mind have asked a judge to cancel bidding procedures.
The Inquisitr previously reported that Ubisoft was potentially interested in acquiring THQ. The company was rumored to be holding out for the right price. Since Clearlake has THQ’s assets estimated at $60 million, chances are they won’t be lowering that amount anytime soon.
What are your thoughts on the THQ bankruptcy? Do you think Clearlake Capital Group could be rigging the sale of the company’s assets in its favor?