Update: THQ Now Able to Move Forward With Bankruptcy & Sale Process Following Court Approval

Nick Paglino

Bloomberg is reporting that WWE video game producer THQ has received court approval and is now able to move forward with its bankruptcy claim and sale process.

After reaching an agreement with creditors, U.S. Bankruptcy Judge Mary F. Walrath approved guidelines that will govern the sale of the company’s assets at a bankruptcy auction and the company’s $37.5 million bankruptcy loan at a hearing Monday in Wilmington, Delaware.

The auction date is scheduled for January 22, 2013 with a process for sale by January 23, 2013. Clearlake Capital Group LP’s opening bid has been approved by the court but the auction will allow for more bids to be placed.

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