THQ foreclosure delayed until January 15

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Publisher attempting to secure financial sponsorship from unidentified party

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.

“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.

Connor Sheridan
Connor Sheridan
Former GamesRadar+ News Writer

I got a BA in journalism from Central Michigan University - though the best education I received there was from CM Life, its student-run newspaper. Long before that, I started pursuing my degree in video games by bugging my older brother to let me play Zelda on the Super Nintendo. I've previously been a news intern for GameSpot, a news writer for CVG, and was formerly a staff writer at GamesRadar+.