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Change in ownership provides a prompt for creditors to call in $150m of debt...
Despite putting on a brave face with the release of Mortal Kombat vs DC Universe, it seems that the days may be numbered for US publisher, Midway.
A filing published by the US Security & Exchanges Commission (SEC) has revealed that as a result of the change in ownership this week, which saw Sumner Redstone's 87% stake in Midway acquired for just $100k by the elusively enigmatic Mark Thomas, the publisher's creditors are now in a position to call in the $150m debt accrued in recent years.
In a bid to stave off liquidation, Midway has announced that the board of directors has appointed the firm, Lazard, to investigate ways in how the debt can be paid in just 50 days. As US publication, Variety, so starkly puts it: “If it can't find a new source of funding or re-negotiate its debt, looks like it will probably have to declare bankruptcy.”
Midway's next release is due in February, when Vin Diesel's virtual incarnation speeds through the streets of Barcelona in Wheelman.
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Wheelman
Game Information
Available On:
PC, 360, PS3
| Release Date: | Players: |
|---|---|
| Out Now | |
| Publisher: | Genre: |
| Midway Games | Action |
| Developer: | PEGi Rating: |
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Added:Mon 20th Apr 2009 04:33, Post No: 32
stupid
Added:Wed 15th Apr 2009 22:20, Post No: 31
stupid
Added:Wed 15th Apr 2009 22:19, Post No: 30
sucky
Added:Wed 15th Apr 2009 20:49, Post No: 29
vin diesel is gay
Added:Wed 15th Apr 2009 20:44, Post No: 28
Avoid At All Cost
Added:Wed 15th Apr 2009 20:36, Post No: 27
even if you were the last game place I will rember how bad it was Midway never by form you any more
Added:Wed 15th Apr 2009 20:27, Post No: 26
Midway you need to get a life wheelman was so bad I broke the game I will tell every one I can
Added:Wed 15th Apr 2009 20:25, Post No: 25
Midway you need to get a life
Added:Wed 15th Apr 2009 20:23, Post No: 24
Midway you need to get a liff
Added:Wed 15th Apr 2009 20:21, Post No: 23
is any one reading these bad comments