AGOURA HILLS, Calif.--(BUSINESS WIRE)-- THQ Inc. (OTC: THQIQ), a leading worldwide developer and publisher of interactive entertainment software, received approval from the U.S. Bankruptcy Court on the calendar to conduct bidding and complete the sale of the company following an agreement reached between the potential buyer and the committee representing unsecured creditors. The Court approved Clearlake Capital Group, L.P.'s bid for the entire company as the opening bid for an orderly auction process. The Court also approved procedures that allow other interested parties to bid for individual assets or for the entire company, but bids for individual assets will only be considered superior to an aggregate bid for the entire company if the value generated by separate sales were to exceed the price offered by an individual bidder for the entire company.

The new calendar now calls for all bids to be received by January 22, 2013 at 9:00 a.m. ET. The auction will be held later that day at 3:00 p.m. The hearing on the sale will be held at 9:30 a.m. January 23, and the closing will occur January 24.

The Court also approved an amended financing agreement that will support THQ’s operations during this period.

“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.”

THQ is being advised by Centerview Partners LLC and FTI Consulting as its financial advisors and Gibson, Dunn & Crutcher LLP as legal counsel.

For additional information about THQ, please visit www.thq.com. For information regarding the Chapter 11 case, please visit www.kccllc.net/thq.