Midway Safe Until February 12

Midway today revealed that they have secured an agreement with noteholders of $75 million. The publisher now has until February 12 to secure the funds to pay off its debts. Along with the other $75 million that Midway has negotiated to push back until February, the company has $150 million worth of outstanding debts.

While this debt was originally not due until after 2025, the fire-sale of stock by Midway majority stockholder Sumner Redstone triggered a buyback obligation to the company's bondholders. Midway has responded, by shutting down projects and letting go an estimated 25 percent of its workforce. This latest debt agreement concludes four days before the release of Wheelman, meaning that they will need some other external way to deal with their debt.