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Submitted by GrimMedia 699d ago | news

THQ enters forbearance agreement with Wells Fargo Capital Finance, CFO resigned

THQ has announced that the company has entered into “forbearance agreement” with Wells Fargo Capital Finance. Also announced was the resignation of the Chief Financial Officer Paul Pucino. Here are the details.

The agreement means that Wells Fargo has agreed to “forbear from exercising its rights and remedies against THQ and its subsidiaries with respect to previous events of default under its credit facility”. This will allow THQ to still receive additional loads from the bank, up to January 15, 2013. Wells Fargo Capital Finance agreed to terms mostly because THQ has “entered into exclusive negotiations with a financial sponsor regarding financing alternatives which may result in, among other things, significant and material dilution to shareholders”. (Industry, THQ)

Alternative Sources
MultiConsoleGamer  +   699d ago
God please someone save Saint's Row.
Captain Qwark 9  +   698d ago
i personally love thq, i will be very upset to see them go under. i love wwe games, darksiders, saints row, and metro last light and south park look amazing
DeforMAKulizer  +   699d ago
=(

Just hang in there long enough for a new Saints Row and the South Park RPG and Crytek's Homefront and CoH 2 and all will be well THQ.
Forbidden_Darkness  +   698d ago
Don't forget about Metro: Last Light, that game also looks like it's going to be a great game.
Fatty  +   698d ago
From Games Radar: "South Park: The Stick of Truth's release was pushed back from March 5, 2013 to "early fiscal 2014," meaning a delay of likely a few months."

Is THQ going to survive long enough to get this one out?
Forbidden_Darkness  +   698d ago
I'm sure one way or another it's going to get released. If THQ go the of the dodo before then, i'm sure a different publisher will release the game.

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