And THQ just keeps on fighting
THQ is in dire straits, it has virtually no money is in huge amounts of debt and recently postponed all of its games so that right now there is no real revenue stream coming into the company so by all accounts it is pretty much dead in the water… or is it?
In a shock announcement THQ have revealed that they have signed a forbearance agreement with Wells Fargo, who they owe $50 million to, so that Wells won’t try take the money until the 15th of January and will lend them some more credit.
Lending to a company with no forseeable income stream and who is in massive debt already seems like an insane move but I’m guessing they know something we don’t.
At the same time THQ fired their Chief Financial Officer and outsourced the running of their accounts to FTI Consulting while they investigate financing alternatives. These alternatives would be selling some IP, being taken over or somehow convincing someone to part with a truck load of money on the off chance their next title is a huge blockbuster.
I love THQ but it’s becoming increasingly obvious that their time is up and now the best solution would be for someone to acquire them, keep the name and fix whatever the current management messed up so badly.