THQ Inc. (THQIQ), maker of the “Saints Row” and “Company of Heroes” video-game franchises, failed to obtain approval of a loan to help fund operations and lost its bid for a quick bankruptcy sale.

U.S. Bankruptcy Judge Mary F. Walrath at a hearing yesterday in Wilmington, Delaware, sided with creditors that said the proposed sale process didn’t give potential buyers enough time. Walrath found the video-game maker’s efforts to market the company for sale before bankruptcy weren’t sufficient for her to allow the aggressive sale process.

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