THQ Inc., the maker of “Saints Row” and “Company of Heroes” video-game franchises, won court approval of a revised, longer bankruptcy sale process and loan to help fund operations after reaching an agreement with creditors, Bloomberg News reported yesterday. Bankruptcy Judge Mary F. Walrath at a hearing yesterday approved guidelines that will govern the sale of the company's assets at a bankruptcy auction and the company's $37.5 million bankruptcy loan. The court "approved a process for a sale by Jan. 23" that keeps Clearlake Capital Group LP as the lead or so-called stalking-horse bidder, said Jeffrey C. Krause, a THQ attorney. Potential buyers will have to submit bids by Jan. 22, and the company will hold an auction later that day to determine the best offer for the assets. THQ will seek court approval of the sale at a hearing scheduled for the next day, with closing expected on Jan. 24.
