THQ Creditors Object to Bankruptcy, Sale

Lenders have filed a formal objection to THQ’s recent bankruptcy and sale. According to VentureBeat, a filing from several lenders alleges that THQ’s bankruptcy “was orchestrated to benefit the company’s newest executives and their friends at a financial firm hired to sell THQ.”

That financial firm is Clearlake Capital, which is set to acquire THQ for just over $60 million if the sale is approved by U.S. courts by January 19th (30 days after the announcement last month). According to THQ’s lenders, who previously gave $41 million to THQ (41% of its $100 million loan), the 30 day approval period is too short and does not allow potential bidders enough time to make an offer for THQ’s properties.