Poor Midway. They sure ain't what they used to be. From arcade powerhouse to third-rate console publisher, today it's been revealed the company are now facing a new low.

An SEC filing uncovered by Variety shows the company have 50 days to settle their outstanding debts. Debts that, as of today, stand at $150 million. Pity Midway don't have that kind of money.

As it stands, they have a pinch over $10 million. So, no, over the next 49 days they will not be repaying their debts. Which means they'll have to look at alternate options.

Those options basically entail getting advisory company Lazard to help them out. If Lazard can't perform a miracle, well, Midway will have to declare bankruptcy.

In this day and age, that won't mean the end of Midway, but it definitely doesn't help things.

http://kotaku.com/5102225/midway-are-50-days-away-from-bankruptcy

Even Game Party couldn't save them I guess. Actually this is a bit depressing to me since Midway is based in Chicago, where I'm from, and I do have a lot of positive memories about several of their games.

That's sad. Midway was a historic name in gaming. But it's not like we couldn't see this coming. Remember Blacksite: Area 51?

I guess I can stop waiting for a good new Rampage game...

Well, they did it to themselves. You can only churn out crap for so long.

Well. Bankruptcy is not the end these days.

@ stof What was Blacksite: Area 51. I don't remember it.

eek. I try not to

@badgenome:

"Well, they did it to themselves. You can only churn out crap for so long"

I'm so not going to stir that particular nest of vipers lol

Point proven. o_O

bye bye Midway it was nice having you!

darn..NHL Hitz Pro was the most fun i had from a Midway game. I wish they made another one for PS3/Xbox360 before they go out.

Actually it very well could be. The credit freeze caused by the economic crisis means that securing reorganizational funds after bankruptcy is not a gurantee. It's the reason the Big Three automakers are trying to get loans from the US government. They can't get them from banks.