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THQ Default Follow-up

THQ announces an update on the company's dicey credit situation. They announce they have entered into a forbearance agreement with Wells Fargo to prevent the bank from bringing the hammer down on THQ for its defaulted credit facility. The company also announces "that it has entered into exclusive negotiations with a financial sponsor regarding financing alternatives which may result in, among other things, significant and material dilution to shareholders." Finally, they announce the departure of Paul Pucino, their former Executive Vice President and Chief Financial Officer.

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7. Re: THQ Default Follow-up Nov 21, 2012, 13:08 netnerd85
 
But I want more Saints Row and Red Faction.  
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6. Re: THQ Default Follow-up Nov 21, 2012, 07:00 zombiefan
 
I so feel like Eric Cartman right now:

"Yes, cry THQ. Cry the tears of unfathomable sadness. Oh so yummy!"

Lick, lick, lick.
 
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5. Re: THQ Default Follow-up Nov 20, 2012, 22:51 Parallax Abstraction
 
If Brian Farrell is still in as CEO (and he is), the core of their issues has still not been dealt with. Most of THQ's current situation (and most notably the uDraw fiasco) can be laid squarely on his shoulders. He's bad at his job, he should have been run out on a rail years ago.  
Parallax Abstraction
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4. Re: THQ Default Follow-up Nov 20, 2012, 22:49 ASeven
 
They are simply trying to delay what now is inevitable, and with the CFO leaving that is pretty much the confirmation they are on the verge of declaring bankruptcy.

Also I think people should expect a THQ humble bundle of some sort.
 
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3. Re: THQ Default Follow-up Nov 20, 2012, 22:38 nin
 
What the fuck is the world coming to if all of a sudden we start holding the top guys responsible for the shit they create???

I was under the impression they booted some or all of the problem (though I don't have links in front of me), but they're in such a deep hole right now, its hard to get out. They took an absolute bath on that tablet deal last xmas...

 
http://www.nin.com/pub/tension/
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2. Re: THQ Default Follow-up Nov 20, 2012, 22:32 Creston
 
Wait, what? The company is horribly mismanaged, almost goes under, and they can one of the TOP guys? What the fuck is this? Don't they know that under these circumstances you fire 5000 of the peons and give the top guys 20 million dollar bonuses?

What the fuck is the world coming to if all of a sudden we start holding the top guys responsible for the shit they create???

Creston
 
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1. Re: THQ Default Follow-up Nov 20, 2012, 21:39 nin
 
They announce they have entered into a forbearance agreement with Wells Fargo to prevent the bank from bringing the hammer down on THQ for its defaulted credit facility.

THQ threatens to "unleash the Third Street Saints on your ass", Wells Fargo looks puzzled.

 
http://www.nin.com/pub/tension/
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