THQ Owes WWE $45 Million
- By Sehran Shaikh
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It has just been revealed by WWE via press release that THQ owes the firm a whooping $45 Million. In response to the bankruptcy, WWE sent out the following press release:
"WWE (NYSE:WWE) is listed in THQ, Inc.’s recent bankruptcy filing as an unsecured creditor holding a claim of approximately $45 million reflecting the entirety of the existing multi-year agreement. Any impairment of a current THQ account receivable would be immaterial to WWE’s financial statements. Even if the impact of THQ’s bankruptcy were detrimental to WWE, the Company does not believe that the ultimate economic impact for financial statement purposes would materially and adversely affect the results of operations or financial position of WWE in light of the strength of the WWE brand and the historical performance of WWE’s video game business."
If you can re-collect properly just few months ago WWE signed a contract with THQ to developer video-games based on WWE for at least until the year 2017, and just recently THQ filed for bankruptcy, and so it won't an easy task for WWE to to bail out of this already signed agreement.