midway almost bankrupt

Trashcantoy

"Variety is reporting that Midway has 50 days to come up with $150 million

With the economy in such a sad state, a great American company with a long and rich history in the industry is on the verge of bankruptcy.

Variety is reporting this.

With only $10.3 million on hand as of Oct. 31, Midway won’t be able to come up with that kind of money that fast, no matter how well “Mortal Kombat vs DC” sells (and it seems like it is selling pretty well). So the board of directors has engaged financial advisory firm Lazard to help it explore “strategic and financial alternatives” to its liquidity problems. If it can’t find a new source of funding or re-negotiate its debt, looks like it will probably have to declare bankruptcy.

Mysterious private investor Mark Thomas, who bought Redstone’s 87% stake, won’t be any help. He will remain completely passive and won’t take a seat on the board or get involved in management."

 

source: http://gamingring.com/news/?p=3436

dont think they can come up with that sum of money in such a short time.. sad to see a fairly large company go down, they had some neat games

DailyBuzz

Bailout?

Syncrosonix

i remember making a delivery to midway a couple years ago. their studio is pretty neat. they even gave me a tour of the place all while unreal tournament 3 was still in production. i delivered a load of brand spanking new server computers, desktop computers, and desks to them.

i was also blown away by all the old skool mortal kombat memorabilia throughout the studio. it brought back fond memories of hanging out at the  nearest arcade all day long to play mk1, mk2, mk3, and umk3. it's sad they're in such a dire situation.