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THQ stumbles, vultures circle

Posted by Erin Marcon On Thursday 15 November 2012ADD COMMENTS

The debt collector forces his way into THQ’s underground bunker.

The publisher responsible for recent releases Darksiders II, Saints Row the Third and Red Faction: Armageddon appears to be in dire straits.

THQ has pushed high profile titles Company of Heroes 2 and Metro: Last Light from January to March 2013 and bumped South Park: The Stick of Truth back to April at the earliest. The company continues to lose money (US $21m in the September quarter) and its share price is in freefall (down more than 90% in the past year).

As reported by Polygon, it also appears that THQ is struggling to repay its debts, with the publisher revealing that it has defaulted on repayments to lender Wells Fargo. In a statement published by CVG, THQ president Jason Rubin has suggested that the incident involves a “relatively small amount” that has since been “repaid in full”. He believes that THQ and Wells Fargo will soon “reach an agreement on this matter”.

Speculation is rife that the THQ (or at least some of its assets) will soon be up for grabs and it appears that the vultures are already beginning to circle. While he remains non-committal on the potential for acquisitions, Ubisoft CEO Yves Guillemot has told Games Industry that his company is “always interested in good brands”.

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