A
THQ SEC Filing (
Adobe Acrobat format) reveals more fiscal bad news for the publisher, following a
a recent collapse of its stock. The filing reveals THQ is in default on a line of credit from Wells Fargo, leading to a delayed 10-Q filing, and a situation that sounds tenuous at best: "The Company is currently in discussions with Wells Fargo regarding the asserted defaults and believes that it will reach an agreement with Wells Fargo with respect to such defaults. Wells Fargo has continued to fund requests from the Company after September 30, 2012 while Wells Fargo and the Company attempt to reach an agreement. There can be no assurance, however, that the Company will achieve an agreement with Wells Fargo." Thanks nin via
Kotaku/
Polygon.
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| 7. |
Re: THQ in Defaults on Credit Line |
Nov 11, 2012, 15:48 |
killer_roach |
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ASeven wrote on Nov 11, 2012, 15:23: This pretty much. At the rate events are happening I'm even starting to question if THQ won't publicly declare bankruptcy before the end of the year. That credit line they defaulted on was $50 million... their market cap is just under $10 million, and only because the stock's actually come up a bit off its lows (at which point, around mid-week, they were about a $7.5 million company - or about 1/550th the market cap of EA, or 1/1500th(!) the size of Activision Blizzard).
Short of trying to sell IP and/or studios, I don't see how they dig themselves out of this hole, especially considering their recently announced delays. And even that likely won't be enough to do anything beyond get them past the short run. |
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Date |
Subject |
Author |
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1. |
Nov 11, 14:10 |
Re: THQ in Defaults on Credit Line |
Rossafur |
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2. |
Nov 11, 14:47 |
Re: THQ in Defaults on Credit Line |
NewMaxx |
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3. |
Nov 11, 15:12 |
Re: THQ in Defaults on Credit Line |
killer_roach |
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5. |
Nov 11, 15:23 |
Re: THQ in Defaults on Credit Line |
ASeven |
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6. |
Nov 11, 15:35 |
Re: THQ in Defaults on Credit Line |
Wildone |
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7. |
Nov 11, 15:48 |
Re: THQ in Defaults on Credit Line |
killer_roach |
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8. |
Nov 11, 15:55 |
Re: THQ in Defaults on Credit Line |
Prez |
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9. |
Nov 11, 16:11 |
Re: THQ in Defaults on Credit Line |
nin |
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14. |
Nov 11, 19:41 |
Re: THQ in Defaults on Credit Line |
Prez |
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10. |
Nov 11, 16:15 |
Re: THQ in Defaults on Credit Line |
NewMaxx |
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11. |
Nov 11, 16:19 |
Re: THQ in Defaults on Credit Line |
killer_roach |
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4. |
Nov 11, 15:17 |
Re: THQ in Defaults on Credit Line |
Closed Betas |
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12. |
Nov 11, 18:36 |
Re: THQ in Defaults on Credit Line |
Cutter |
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13. |
Nov 11, 19:39 |
Re: THQ in Defaults on Credit Line |
The Half Elf |
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15. |
Nov 11, 21:28 |
Re: THQ in Defaults on Credit Line |
Nucas |
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16. |
Nov 11, 22:22 |
Re: THQ in Defaults on Credit Line |
Jerykk |
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17. |
Nov 11, 22:31 |
Re: THQ in Defaults on Credit Line |
ViRGE |
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18. |
Nov 11, 23:31 |
Re: THQ in Defaults on Credit Line |
Jackplug |
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20. |
Nov 12, 00:27 |
Re: THQ in Defaults on Credit Line |
Jerykk |
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21. |
Nov 12, 03:35 |
Re: THQ in Defaults on Credit Line |
Fantaz |
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22. |
Nov 12, 04:04 |
Re: THQ in Defaults on Credit Line |
zombiefan |
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19. |
Nov 12, 00:20 |
Re: THQ in Defaults on Credit Line |
Nucas |
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23. |
Nov 12, 04:49 |
Re: THQ in Defaults on Credit Line |
aesir05 |
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24. |
Nov 12, 05:29 |
Re: THQ in Defaults on Credit Line |
Kajetan |
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25. |
Nov 12, 06:33 |
Re: THQ in Defaults on Credit Line |
Dev |
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34. |
Nov 13, 03:38 |
Re: THQ in Defaults on Credit Line |
Iurand |
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35. |
Nov 13, 05:23 |
Re: THQ in Defaults on Credit Line |
Prez |
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37. |
Nov 13, 16:52 |
Re: THQ in Defaults on Credit Line |
Dev |
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26. |
Nov 12, 09:43 |
Re: THQ in Default on Credit Line |
Verno |
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27. |
Nov 12, 10:20 |
Re: THQ in Default on Credit Line |
ASeven |
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28. |
Nov 12, 10:21 |
Re: THQ in Default on Credit Line |
ASeven |
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29. |
Nov 12, 10:32 |
Re: THQ in Default on Credit Line |
Kajetan |
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30. |
Nov 12, 11:28 |
Re: THQ in Default on Credit Line |
Creston |
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31. |
Nov 12, 11:31 |
Re: THQ in Default on Credit Line |
nin |
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32. |
Nov 12, 14:41 |
Re: THQ in Default on Credit Line |
Prez |
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33. |
Nov 12, 19:41 |
Re: THQ in Default on Credit Line |
gilly775 |
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36. |
Nov 13, 06:13 |
Re: THQ in Default on Credit Line |
Suppa7 |
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