Sources are suggesting that publisher THQ could be in more financial trouble than thought, and Janco Partners analyst Michael Hickey says that he is giving THQ a 50/50 chance of going bankrupt.

While we are sure that THQ will not like the comparison to publisher Midway (who was forced to file for Chapter 11 protection), reports suggest that THQ has mediocre titles currently and on the horizon, and that they are running out of cash.

THQ CEO Brian Farrell has all dismissed all reports suggesting that the company is in trouble and could be forced to file for bankruptcy or is ripe for acquisition. Farrell has said that it is his belief that the latest round of cost cutting by THQ will make the company profitable.

THQ is, as many publishers are right now, in a difficult spot. The company does partner heavily with outside content providers for their titles and they do not produce as many unique THQ-owned franchises as some analysts might like.

The company has Company of Heroes: Tales of Valor, Darksiders, Red Faction: Guerrilla, and SpongeBob vs. The Big One: Beach Party Cook-Off on the horizon for future release. Out of these four titles, Red Faction: Guerrilla which will be released for the Xbox 360, PlayStation 3, and PC, seems to be drawing the most attention from the buzz that we have seen; however, problems with the physics system has caused additional delays for this title according to reports.

It is hard to tell what the future may hold for THQ, but think it is a little early to count them out before they make their expected release announcements in the E3 time frame. Without knowing what the company’s release schedule looks like and what they will ship yet this year we find it a bit early to call this publisher down for the count.