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?

OMG WTF!? Nuuu.... Midway Makes the Unreal and Gears Series right?!

Sorry dude, you're late. Already posted

No they don't, i don't how they are involved but they don't make those games (they only published UT 3)

OT

Here's the link:

http://www.vgchartz.com/forum/thread.php?id=51753

Midway publishes Unreal, Microsoft publishes Gears.  Both series are developed by Epic.  Midway's probably best known for Mortal Kombat.

I think thats EPIC Games... not midway...

No, that's Epic Games. Midway makes Mortal Kombat.

I'd be glad to see them go. Haven't made anything passably decent in years...

They'll probably be acquired by EA. Or maybe Activision Blizzard if they're lucky.

They published UT3.

Ahh, okay nvm then lol, thanks for the heads up... would be funny if EA bought them out. or..by the look of things Square Enix or Warner bros...

just let them die and have someone else pick up the rights to their games cheaply. its not like they could do any worse with them

You should be proud, 4 people posted just to answer your question :P