THQ has been denied its approval for a loan and lost the bid for a quick bankruptcy sale.
Businessweek reports that U.S. Bankruptcy Judge Mary F. Walrath stated that potential buyers weren't given enough time for the proposed sales process.
“I have problems concluding that the pre-petition sale process was fulsome,” Walrath told lawyers at the hearing.
Businessweek reports that 10 potential buyers contacted THQ after the company filed for bankruptcy protection on December 19.
THQ was wanting a $37.5 million bankruptcy loan. The loan would have been required to have been paid off by January 15.