Troubled game developer, THQ, reportedly owes WWE (World Wrestling Entertainment) a hefty $45,000,000, according to bankruptcy papers filed by THQ. However, as WWE is an ‘unsecured creditor’, the wrestling organization may not receive the money that is owed back to them and apparently WWE CEO, Vince McMahon, is rather peeved about that.
WWE issued a statement addressing the issue to calm worried stockholders. It essentially states that the loss will not impact them:
“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.”