THQ Reaches 11th-Hour Deal For Ch. 11 Sale

Law360, Wilmington (January 7, 2013, 8:24 PM EST) -- Video game developer THQ Inc. received court and creditor approval Monday for a Chapter 11 auction, dispelling the specter of a Chapter 7 conversion that arose after a Delaware bankruptcy judge rejected the company's two prior proposals for setting too short a sale schedule.

The new bid procedures provide additional time for the gamemaker to market itself to potential bidders and allow the sale of THQ's assets on a title-by-title basis, mollifying concerns that had caused the unsecured creditors committee to oppose the company's two previous...
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