THQ Inc. (NASDAQ: THQI) is being acquired, maybe. Before you get too excited about any major turnaround huge-premium buyout you better pay attention to the fine print here. Clearlake Capital Group, L.P. has entered into a stalking horse bidder agreement to acquire THQ’s assets in an Asset Purchase Agreement. Here is the problem: the buyout is via Section 363 under Chapter 11, which means it is under bankruptcy protection.
THQ has said that it has obtained a commitment for interim financing to fund its operations without interruption. The agreement covers substantially all of the assets of THQ’s operating business, and it includes THQ’s four owned studios and games in development.
As part of the sale agreement, THQ will get to shed certain legacy obligations and emerge with a new stronger owner with what was called “substantial experience in software and technology.” THQ says that it will continue normal…
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