Midway Nearing Bankruptcy, Needs $150 Million in 50 Days
"The Midway Games saga continues today with news that the change in ownership at the company, according to the Securities and Exchange Commission, enables holders of Midway's debt notes to request payment in full. Consequently, the beleaguered publisher is expecting all bond owners to request a buyout, meaning Midway will have to come up with $150 million somehow.
According to Variety, Midway can only last for 50 days if it doesn't come up with the $150 million. The company has just $10.3 million in cash to its name at this point, and bankruptcy is looking more and more like a very real possibility. As such, Midway's board of directors has enlisted the services of financial advisory firm Lazard to aid the company in finding "strategic and financial alternatives" to its liquidity problems.
New owner Mark Thomas has previously indicated that he does not plan to get involved with Midway's management or place himself on the company's board. Things are going to have to change fast at Midway in order for the publisher to stay afloat."
http://www.gamedaily.com/articles/news/midway-nearing-bankruptcy-needs-150-million-in-50-days/?biz=1
Midway sold 430,000 games this week, does any think they can do it or are they doomed?
