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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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