Despite struggling to make ends meet, THQ is still powering forward, trying their best to overcome their financial hurdle. With low shares, at about $ 1.20, and exploration of all sorts of financial strategies, the company is really trying, but the truth is, it’s looking grim.
To add extra pressure to the mix, THQ’s Chief Financial Officer, Paul Pucino, has resigned. He has not named a successor. The company is currently finding their feet financially where they no longer have a CFO.
“We would like to thank Paul for his significant contributions over the past four years and wish him well in his future endeavors,” said THQ CEO, Brian Farrell.
Moving forward is going to be tough, but with all the consulting that THQ is undergoing, it should be fine.
Then, following that, THQ has noted that they have successfully negotiated a forbearance agreement with Wells Fargo. The forbearance agreement means that the Wells Fargo won’t exercise their rights for a certain period. This is important to THQ’s progress, as the company recently defaulted on a payment to Wells Fargo. The agreement between the companies will run until 15 January, where Wells Fargo will continue to pay money to THQ.
“We are pleased to have reached an agreement with Wells Fargo. This agreement enables us to continue focusing on bringing our games in development to market,” said Brian Farrell, THQ’s Chairman and Chief Executive Officer. “Meanwhile, we are evaluating financial alternatives that will transition the company into its next phase.”
Continued funding to THQ is important, as they have three games which need completion: Metro: Last Light, South Park: The Stick of Truth and Company of Heroes 2. The release of these games could help THQ quite a bit, financially.