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 Gameguru Mania News - Dec,05 2008 -  
Midway is Almost Bankrupt - briefly
(hx) 03:35 PM CET - Dec,05 2008 - Post a comment / read (1)
According to Variety, Midway has 50 days to come up with $150 million and states that unless they can come up with $150m to repay their bondholders within 50 days, they'll need to file for bankruptcy.  GameDaily reports that the stock price went down 40 percent from its already low price and ended the trading day at just 28 cents a share. As reported earlier, Redstone sold his 87 percent stock in Midway to another investor for a mere $100,000. Midway's stock plunge comes just a few days after the company received a delisting warning from the New York Stock Exchange. Midway now has six months to get its stock trading above $1 on the NYSE for 30 consecutive days or it will be taken off that particular trading market. In short, Midway needs to find some way to raise $150 million in 50 days or it could declare bankruptcy. Midway stated they are working to find a way to get new funding or renegotiate its debt.

To be honest, the only thing I feel bad about is all the people who are going to loose their jobs due to this. Games wise, the only game I can think of that Midway published in the last couple of years that I bought was UT3. They aren't exactly one of my top publishers.
last 10 comments:
strangestsensation(03:17 AM CET - Dec,06 2008 )
HX dude, I'm with yah! Midway, who really gives a crap? I think they did Stranglehold too, bought it and finished it and support sucked. UT3 never impressed me though, paid for it and barely played it. UT2K4 I play more than UT3. Losing your job is part of life these days. At least in America. It's use and abuse and spit you out.

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