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THQ files for bankruptcy, Clearlake makes offer for assets
Reuters: Mergers News
Wed, 19 Dec 2012
SAN FRANCISCO, Dec 19 (Reuters) - Video game maker THQ Inc said Wednesday it filed for bankruptcy, and private investment firm Clearlake Capital Group has offered to buy its assets.
The Fairholme manager comments on the fund's significant investment in the convertible bonds and bank debt of bankrupt mall operator General Growth Properties.
A shorter, more orderly bankruptcy process is good news for distressed debt investors, but it does shift the game a little bit, says Third Avenue's Jeff Gary.