THQ Inc. THQI announced today that it has entered into a forbearance
agreement with Wells Fargo Capital Finance, LLC. Under the agreement, Wells
Fargo has agreed to forbear from exercising its rights and remedies against
THQ and its subsidiaries with respect to previous events of default under its
credit facility. The period of the forbearance currently extends to January
15, 2013, during which time Wells Fargo has agreed to make additional loans to
the company subject to the terms and conditions of the forbearance agreement.
Additionally, THQ announced 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.
Information concerning the identity of the sponsor, deal size, structure
and/or timing will not be disclosed until such time negotiations have
concluded. There can be no assurance these negotiations will result in a
transaction.
THQ also announced today the resignation of Paul Pucino, Executive Vice
President and Chief Financial Officer. The Company is evaluating its
alternatives with respect to the Chief Financial Officer role, and has
retained FTI Consulting to assist its finance and accounting team.
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