THQ Delays Games and Suspends Guidance – Poor Title Performance, uDraw Costs Cited

Posted by at 9:35 am on November 6, 2012

While exceeded its quarterly projections, THQ has warned that three of its titles will be released significantly later than previously planned, and as a result it will need to generate additional capital to continue operations. All financial guidance for the remainder of the fiscal year through March 2013 has been suspended.

THQ has hired Centerview Partners to reevaluate the company finances and to generate additional fiscal alternatives. Most pressing, the company needs to address the August 2014 due date of $100 million convertible senior notes.

“There can be no assurance that the evaluation of strategic and financing alternatives will result in a transaction or financing, or that, if completed, said transaction and/or financing will be on attractive terms,” the company said in a statement. The company went on to say that no further public announcements would be made until a deal is concluded. THQ stock trades were suspended following the news at $3.02.

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