Midway could face bankruptcy in 50 days

By Patrick Garratt
5 December 2008 10:47 GMT

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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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