THQ's financial situation is still on the edge, but the publisher is making steps to try and correct its path. One of these steps is "entering into an exclusive negotiations with a financial sponsor, regarding financial alternatives which may resultin, among other things, significant and material dilution to shareholders."
Currently, THQ has refused to reveal the identity of this sponsor, nor the details of the deal. Keep in mind that while THQ is in talks, this is in no way a guarantee until something's signed.
In addition to the talks the publisher is having, THQ's Chief Financial Officer Paul Pucino has resigned from his post. Pucino was not only the CFO, but was also the vice-president of THQ. As of press time, no replacement has been named just yet, other than the publisher is "evaluating alternatives" for the position.
Lastly, THQ has reached an agreement with financial firm Wells Fargo Capital Finance to remove the threat of the firm "exercising its rights and remedies against THQ and its subsidiaries with respect to previous events of default under its credit facility." The forbearance period extends up to January 15, 2013, during this time Wells Fargo has also agreed to facilitate additional loans to the publisher.
So, while THQ is still in dire straits, let's hope this "unknown" financial sponsor will help turn this sinking ship. Otherwise, expect THQ to start selling off its franchises very soon.
Source: GamesIndustry
