In a way, the company goes to the highest bidder!
THQ has received permission/approval from the US bankruptcy court to start to allow bids to complete the sale since the company reached an agreement with the potential buyer. Clearlake Capital Group had their bid for the whole company approved by the courts and their bid becomes the opening bid for the auction process. Other parties who are interested in bidding in the company can because the court approved the system that allows other parties to place said bids. However, the bid from other parties will have to be for the entire company. Individual asset bids will only be considered if they exceed the price offered by an individual bid for the company as a whole
For bids to be considered, they will have to be received by 9AM on January 22nd and the auction will be held the next day at 3PM. THQ will still be able to conduct business/operations sine the court is amending their finances during this time. "Today's ruling provides a clear path. We will now know definitively by Jan. 23rd where we stand," confirmed Brian Farrell, Chairman and CEO of THQ. "We appreciate the support of our employees, partners, and suppliers now more than ever."