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Submitted by Cyrus365 2245d ago | news

Midway "haemorrhaging cash at an alarming rate"

GI.Biz writes: "Struggling publisher Midway is expected to use up 75 per cent of its cash reserves by May this year - over USD 12.4 million.

That's according to documents filed by the company's new owner AHS, which has stated that the Mortal Kombat company is "haemorrhaging" cash as it claws its way through bankruptcy.

"It is beyond dispute that the debtors [Midway] have an immediate need to access and use AHS's cash collateral. Nor can it be disputed that, based upon the debtors' 13 week forecasted budget, the debtors are haemorrhaging cash at an alarming rate." (Industry)

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