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THQ finds some money, but loses its money man

Ailing game publisher THQ has managed to suspend a looming loan default until next year, and has even found a new sponsor to bring in more cash, but amid its financial headaches comes the resignation of its CFO.

Frank Cifaldi, Contributor

November 20, 2012

1 Min Read

There's good news and bad news coming out of hobbling game publisher THQ this week. First, the good: Wells Fargo is postponing its threats to default on a loan to the company after THQ failed to meet certain obligations. THQ has until January 15 to shape up under the new agreement. Wells Fargo says it may even loan the company more money in the meantime. Additionally, THQ says it is in negotiations with a new financial sponsor to bring in more cash and keep its ship sailing. The specifics of this sponsorship, including the sponsor's identity, were not revealed. And in the bad news department, the company has lost its head of finance amid this mess. Executive vice president and CFO Paul Pucino has resigned from the company, though THQ did not specify why. A replacement has not been named. Don't miss: Is this the end of THQ? THQ's stock price fell 40 percent after the company delayed all of its major releases, withdrew its financial guidance, and refused to take questions from financial analysts in a quarterly conference call. Share prices are up very slightly following today's news.

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