Fri, Dec 05, 2008 | 10:47 GMT
Midway could face bankruptcy in 50 days
According to this Variety report, an SEC filing has shown that Midway has 50 days to come up with $150 million or face bankruptcy.
As of October 31, Midway’s cash totals $10.3 million. The firm has entered consultancy with Lazard in an effort to find “strategic and financial alternatives” to its liquidity problems.
And if not, it’s basically curtains.
It really has all gone wrong for Midway. Sumner Redstone sold his 87 percent share in the firm to investor Mark Thomas for $100,000, or $0.0012 a share, earlier this week, prompting a 40 percent drop in share price to a new low of 23 cents.
The publisher is also facing an NYSE delisting.
Not the best.
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6 
Posted in: Hot, Midway, Trade
Tags: goodnight sweetheart
6 comments
#1
Robo_1
05/12/08, 10:53 am
Sad to see a publisher with such a heritage go under. I hope they don’t go the way of Atari, being bought up for the name alone and then ridden into the ground
#2
Blerk
05/12/08, 11:09 am
Abandon ship! Abandon ship!
#3
XDamage
05/12/08, 11:12 am
This is an excellent chance for Rupert Murdoch to buy it for a few nickles. They can start making Republican Crusader games or something.
#4
Ratso
05/12/08, 11:22 am
It’s a shame to see a once great name going under, but they are paying the ultimate price for putting out almost exclusively rubbish for the past decade or more.
#5
DaMan
05/12/08, 12:10 pm
holy shit.
this is sad really.
#6
SplatteredHouse
05/12/08, 12:46 pm
It would be a terribly sad day, in which these guys had to close up.
It’s not looking good for them, though.