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Three high-profile releases have been pushed back next year, forcing the Agoura Hills-based company to raise new capital in an effort to keep going. The games being delayed are "South Park: The Stick of Truth," "Company of Heroes 2" and "Metro: Last Light." Both "Metro" and "South Park" are being delayed for the second time. THQ has retained advisory firm Centerview Partners to help it raise capital. From the LAT:
The game delays will result in far less revenue for THQ in its fiscal fourth quarter this winter than previously planned and a capital crunch for the company, which had only $36.3 million of cash on hand as of Sept. 30. As a result, it is exploring "strategic and financing alternatives," according to a statement, in order to raise more capital. In particular, the company is seeking to "address" $100 million of convertible senior notes due next August that it apparently does not expect to be able to pay back on time.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.