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THQ foreclosure delayed until January 15

THQ is on the edge of foreclosure. But the publisher today announced a forbearance deal with Wells Fargo which gives the company until January 15, 2013 to secure financing alternatives with an unidentified sponsor.

The Saints Row: The Third and Darksiders II publisher indicated it was pursuing alternative options when it announced consultation with a private equity broker and withdrew financial guidance earlier this month.

“We are pleased to have reached an agreement with Wells Fargo. This agreement enables us to continue focusing on bringing our games in development to market,” THQ CEO Brian Farrell said in a statement. “Meanwhile, we are evaluating financial alternatives that will transition the company into its next phase.”

The release warns the potential sponsorship may not come to fruition, and if it does, it may bring about "significant and material dilution to shareholders." THQ also announced the departure of its chief financial officer Paul Pucino in the release.

THQ delayed several of its games earlier this month, including South Park: The Stick of Truth, Company of Heroes 2, and Metro: Last Light.

Topics

THQ

11 comments

  • Tyrande - November 21, 2012 7:48 a.m.

    Nooooo!!!! Metro!!
  • RedOutlive. - November 21, 2012 11:26 p.m.

    No worries, they're not owned by THQ, so they may just have to find another publisher for Last Light.
  • Tyrande - November 22, 2012 1:26 p.m.

    yeah, i just hope it doesn't take too long for it to come out
  • Balaska - November 20, 2012 10:55 p.m.

    I was looking forward to all the games mentioned above.
  • awesomesauce - November 20, 2012 8:35 p.m.

    I would literialy donate to theses guy! Sure it wouldn't be a charitable cause but i'd consider it an investment to see SR4!
  • MrSpoiler15 - November 20, 2012 7:43 p.m.

    So it looks like Jason Rubin has done nothing to help out. The guy was put in a bad situation.
  • MrSpoiler15 - November 20, 2012 7:44 p.m.

    I will also add that I hope they can pull through. I'm really looking forward to the South Park game.
  • ultimatepunchrod - November 21, 2012 10:23 a.m.

    Yeah, he may have been able to help if he had got on board the ship before it got hit by the Udraw tablet cannon.
  • Bloodstorm - November 20, 2012 6:21 p.m.

    Hope that someone picks up the Metro guys quick. Metro Last Light was supposed to release in January.
  • bobob101 - November 20, 2012 5:34 p.m.

    This is some sad news, especially when you consider if the South Park game might be cancelled. That game looked so very promising.

Showing 1-11 of 11 comments

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