THQ Inc Receives Court Approval For Amended Sale Calendar

THQ Inc announced that it has received approval from the U.S. Bankruptcy Court on the calendar to conduct bidding and complete the sale of the Company following an agreement reached between the potential buyer and the committee representing unsecured creditors. The Court approved Clearlake Capital Group, L.P.'s bid for the entire company as the opening bid for an orderly auction process. The Court also approved procedures that allow other interested parties to bid for individual assets or for the entire company, but bids for individual assets will only be considered superior to an aggregate bid for the entire company if the value generated by separate sales were to exceed the price offered by an individual bidder for the entire company. The new calendar now calls for all bids to be received by January 22, 2013. The hearing on the sale will be held on January 23, and the closing will occur January 24. The Court also approved an amended financing agreement that will support THQ`s operations during this period. THQ is being advised by Centerview Partners LLC and FTI Consulting as its financial advisors and Gibson, Dunn & Crutcher LLP as legal counsel