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THQ Defaults on $50 Million Line of Credit

In a week that has been nothing but bad news for THQ, I’m sure that investors thought they could take refuge in a weekend devoid of trading. Unfortunately, in a notification of late filing of form 10-Q sent to the SEC, another bombshell has dropped. THQ has received notice from lender Wells Fargo of default on their $50,000,000 revolving line of credit. $21 million of that has been drawn according to the second quarter results released earlier this week, which sent the publisher’s stock into a tailspin.

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NYC_Gamer2138d ago

THQ can't even afford to pay back their loan