The original plan for THQ to declare bankrupt and quickly sell the company has hit a speed bump. The Judge presiding over the bankruptcy case has decided the current schedule is too limiting and that further time may be needed for potential buyers of THQ to evaluate the situation. Approval of a bankruptcy loan was also denied or perhaps just delayed. After a lawyer huddle, all parties will reconvene on January 7.
Now, THQ's goal was quite obviously an attempt to speed through the process of bankruptcy and be purchased by Clearlake group without loss of employees or excessive burden. Bankruptcy has different goals. Chapter 11 is the process or reorganizing a company, allowing it to continue to function while also planning out debt repayment. Essentially what has happened is THQ's creditors requested more time for potential buyers that aren't Clearlake to consider purchasing the company.
In other words, THQ's creditors want to make sure they're getting the most out of the auction process and they don't believe a quick sale to Clearlake is necessarily the best way to do that. The Judge didn't necessarily agree, but found that THQ didn't persuade her otherwise. Thus, the lawyers need to talk and the process is slightly delayed. The loan denial is likely just a result of of that delay.
What's next? Well, the lawyers will likely meet and agree on a new auction date somewhere within the three weeks after January 15. Could this mean THQ may face undue financial troubles in the mean time? Perhaps, but it's likely another loan will be approved soon to prevent that. Could that mean another company may purchase THQ instead of Clearlake (Warner Bros. is apparently showing interest)? Perhaps, but it's more likely the price would simply go up and Clearlake would match that.
As far as THQ's games, the hope is that their development is continuing along smoothly without being affected by these legal events. But in all honesty we may see further delays just so THQ can get get back on their feet and ensure these games are properly marketed and reach their audience.