Game Maker THQ Seeks Replay With Ch. 11

Law360, Wilmington (December 19, 2012, 6:36 PM EST) -- Dragged down by an unsuccessful foray into hardware and a lack of hits, video game developer THQ Inc. sought protection in Delaware bankruptcy court Wednesday ahead of a planned sale to affiliates of private equity firm Clearlake Capital Group LP.

THQ said it hoped to conduct an expedited sales process, and Clearlake has agreed to serve as a stalking horse bidder for the Section 363 auction with its $60 million offer combining cash, assumptions, debt repayment and other considerations, THQ said.

California-based THQ, which designs and...
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