Update #2: THQ has just sent out a press release confirming and further clarifying the sale process going forward.

The court says that Clearlake Capital's bid for all of THQ will stand as the opening bid in an auction process for the entire company. Outside companies will be able to bid on individual THQ assets ONLY IF [emphasis ours] the value generated by the sale of these individual assets was more than a bid for all of THQ by any single company.

Bids will be received by January 22, 2013 (9:00 AM ET), and the auction itself will occur that day at 3:00 PM. A hearing on the sale will be held the next morning at 9:30 AM, and the closing will be on January 24.

Finally, the court approved "an amended financial agreement" to help THQ before the auction.

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Update #1: According to multiple reports, Clearlake Capital has agreed to auction off the THQ assets piecemeal.

The auction will take place on January 22, and the finance blog Distressed Debt Investing tweeted that one of those individual suitors may be Electronic Arts. Which property do you think EA is interested in acquring?

[Via: Polygon]

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THQ, the publisher behind games like Saint's Row: The Third and Darksiders II, has been in financial trouble lately, and things just got slightly worse.

Businessweek is reporting that the judge looking over THQ's bankruptcy case has sided with the US trustee and creditors who objected to THQ's quick bankruptcy sale. The original plan, which you can read about here, was to quickly sell the company for at least $60 million to Clearlake Capital Group LP with a very short window available for any other interested investors to make bids. Those other possible investors objected to the small window claiming that it wasn't enough time.

With the judge's ruling, the sale process has been extended by approximately three weeks. In the mean time, THQ is still hard at work making games while investors make bids.