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Midway Receives Extra Month to Repay Debt
Published by MKRayden
01-09-2009
Post Midway Receives Extra Month to Repay Debt

Tasked with paying back a seemingly insurmountable $150 million, publisher Midway Games has received an extra month to pay half of its enormous debt. In addition, according to Variety, the Mortal Kombat publisher is in talks with other shareholders to get a similar extension for the rest of the $75 million.

The financially-troubled publisher came into the limelight when majority stockholder Sumner Redstone sold the company for $100,000 late last year to ease his debt; not long after, Midway announced that it had laid off 180 employees and canceled various projects.

While Midway has received an extension until February 19, the only real substantial videogame release from the company from now until then is Wheelman, which launches on February 16. Wheelman is an action game starring actor Vin Diesel.

The company also released Mortal Kombat vs. DC Universe back in November, which Variety reports is doing ok for itself. However, if Midway is unable to repay its enormous debt within the allotted time, it may have to file for bankruptcy.

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By Shotokan on 01-13-2009, 02:00 PM
wow, no way man...mk has to slowly die by itself, no from debt...wow that'll be a sad, sad day when no more mk comes..that'll suck..how did they get in debt? All the graphics and that that they add, is that it, too? Either way, I'd say maybe part in partial the last 2 games not doing so well? I think MK deception was their last greatest hit release..or recent.

Then again, they never posted major issues like this until the guy sold the company..so I guess this new company wants debts paid off...though is this official information released elsewhere as well?
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