The Agoura Hills based publisher of Darksiders, Saints Row and WWE wrestling games wouldn't clarify the conditions of the credit facility it has defaulted on, but did report "loan availability on the Credit Facility was less than 12.5% of the maximum revolver amount," a technical default of the terms of the loan. THQ tells Polygon that Wells Fargo continues to fund its requests while the two parties discuss the terms of their credit agreement.
In a filing with the SEC, THQ says it was notified by Wells Fargo on Nov. 7 that "one or more events of default have occurred under the terms of the Credit Facility, including the failure to comply with financial covenants" for the most recent quarter.
THQ entered into the $50 million revolving credit facility with Wells Fargo in 2011. The company borrowed $21 million from that credit facility during its third quarter, which ended Sept. 30.