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Midway Are 50 Days Away From Bankruptcy

Kotaku write: Poor Midway. They sure ain't what they used to be. From arcade powerhouse to third-rate console publisher, today it's been revealed the company are now facing a new low.

An SEC filing uncovered by Variety shows the company have 50 days to settle their outstanding debts. Debts that, as of today, stand at $150 million. Pity Midway don't have that kind of money.

As it stands, they have a pinch over $10 million. So, no, over the next 49 days they will not be repaying their debts. Which means they'll have to look at alternate options.

Those options basically entail getting advisory company Lazard to help them out. If Lazard can't perform a miracle, well, Midway will have to declare bankruptcy.

In this day and age, that won't mean the end of Midway, but it definitely doesn't help things.

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FCOLitsjustagame3694d ago

Maybe they can ask for a bailout....seems to work for everyone else.

Jamegohanssj53694d ago (Edited 3694d ago )

Awesome. One less studio that I don't have to get crappy games from any more.

TGSI

Dark_Overlord3694d ago

If they do go, I'm sure the IP's will be snapped up straight away

MK_Red3694d ago

MK was their only chance at a comeback and what do they do? They make ia STUPED and childish T rated crossover. Seriously, anyone who makes a T rated MK deserves to go bankrupt.

Product3694d ago

Does this mean no Mortal Kombat classics on the Virtual Console?

PirateThom3694d ago

Heh, I think that would be a good way to make some money back!

I think the demise of arcades is what killed Midway... and the slew of crappy games and failed publishing deals (like Unreal Tournament III).

I'm fairly certain someone will pick up Midway cheap (Activision, EA, Ubisoft?) if only for Mortal Kombat rights.

Forbidden_Darkness3694d ago

Stupid Unreal Engine couldnt even help them out, lol.

PrepareForGlory3694d ago

The unreal engine is Epic's engine, not Midway.

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