THQ in Forbearance with Wells Fargo
Posted by Adam Larck on 11.21.2012
CFO resigns from company.
THQ has now entered into a forbearance agreement with Wells Fargo.
The agreement is valid through Jan. 15 and lets Wells Fargo continue to give loans to THQ. During the agreement, Wells Fargo stops enforcing current defaults to give THQ a chance to get back on its feet.
"We are pleased to have reached an agreement with Wells Fargo," THQ CEO Brian Farrell said. "This agreement enables us to continue focusing on bringing our games in development to market. Meanwhile, we are evaluating financial alternatives that will transition the company into its next phase."
Also, THQ Chief Financial Officer Paul Pucino has resigned, with the position remaining open.
"We would like to thank Paul for his significant contributions over the past four years and wish him well in his future endeavors," Farrell said.