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Midway isn't finished yet, but they need some serious help if they are going to survive the entirety of 2009.
Midway today sent out a note to its investors, commenting on the company's debt situation. The publisher revealed that it has reached a temporary agreement with holders of $75 million worth of their $150 million in debt. This group has agreed to push back their money demands for one month, until February 19, 2009.
Midway also announced that it is in talks with the holders of the other $75 million in debt. Midway has been reeling of late, having shut down projects and letting go an estimated 25 percent of its workforce. The bankruptcy delay will likely allow Wheelman to release, which the publisher hopes will give it a much needed boost.
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- •Midway Closes Corporate Office
- •Amid Midway / Warner Bros. transition, Midway name up in the air
- •Midway Newcastle Struggles for Life
- •Midway Sets Itself Up for Auction
- •Midway Owners, Board Members Sued by Creditors
- •Midway May Be Purchased by Warner Bros.
- •Midway Price Tag at $30 Million
- •Rumor: Three companies looking to purchase Midway
- •Midway teases new game, details expected soon
- •Midway Looking to Unload Mortal Kombat
- •Midway owes millions to Epic, NBA, Warner Bros and many more
- •Midway Safe Until February 12
