9 replies to this topic

[Zinix]

Troubled publisher THQ dropped more potentially bad financial news on Friday, revealing that it was in "certain defaults" on a $50 million credit facility with lender Wells Fargo.

The Agoura Hills based publisher of Darksiders, Saints Row and WWE wrestling games wouldn't clarify the conditions of the credit facility it has defaulted on, but did report "loan availability on the Credit Facility was less than 12.5% of the maximum revolver amount," a technical default of the terms of the loan. THQ tells Polygon that Wells Fargo continues to fund its requests while the two parties discuss the terms of their credit agreement.

In a filing with the SEC, THQ says it was notified by Wells Fargo on Nov. 7 that "one or more events of default have occurred under the terms of the Credit Facility, including the failure to comply with financial covenants" for the most recent quarter.

THQ entered into the $50 million revolving credit facility with Wells Fargo in 2011. The company borrowed $21 million from that credit facility during its third quarter, which ended Sept. 30.

http://www.polygon.com/2012/11/10/3628880/thq-in-default-with-wells-fargo-over-50-million-credit-facility

THQ is as good as dead, they won't make it past the first few months of 2013.

[SoldMyWiiUAndLeftTheForums]

This is bad THQ make really good games when they try, the gaming induystry will feel it if they fall, I can't stand anyone losing their jobs as I know how it feels, my heart goes out to all the employee's of THQ

[Tricky Sonic]

Sucks..but THQ has been going down for a long while. With a few exceptions they been gambling with new ideas and shovelware games.

[Goom]

I hate Wells Fargo their policies are a piece of rainbow.

[Crackkat]

take two predicted this would happen to them a year ago, guess they were right

[Soul]

Someone buy the rights to their good franchises! Saints Row Exclusive for someone.

[3Dude]

Goodbye raper of childhoods.



Now my children wont have to suffer the horrible licensed abortions of Thq.

At least some good came out of the not goodly unsustainable business model of this gen.

[Skaar]

Troubled publisher THQ dropped more potentially bad financial news on Friday, revealing that it was in "certain defaults" on a $50 million credit facility with lender Wells Fargo.

The Agoura Hills based publisher of Darksiders, Saints Row and WWE wrestling games wouldn't clarify the conditions of the credit facility it has defaulted on, but did report "loan availability on the Credit Facility was less than 12.5% of the maximum revolver amount," a technical default of the terms of the loan. THQ tells Polygon that Wells Fargo continues to fund its requests while the two parties discuss the terms of their credit agreement.

In a filing with the SEC, THQ says it was notified by Wells Fargo on Nov. 7 that "one or more events of default have occurred under the terms of the Credit Facility, including the failure to comply with financial covenants" for the most recent quarter.

THQ entered into the $50 million revolving credit facility with Wells Fargo in 2011. The company borrowed $21 million from that credit facility during its third quarter, which ended Sept. 30.

http://www.polygon.c...credit-facility

THQ is as good as dead, they won't make it past the first few months of 2013.

This is what i was talking about in the other post...
no one will buy a company valued at $7 million if they have to assume debt above or equal to $50 million.. and this is just the first default.

[Portal]

So sad. I'd never even think THQ would die. Oh well.

[Occult Satanist]

I never did like any of the THQ games