January
5
Midway gets an extra month of life
Midway's countdown to possible doom -- otherwise known as the 50 day deadline it had to pay back an impossible $150 million in debt -- is getting a one-month extension. Probably, anyway.
The struggling "Mortal Kombat" publisher, recently sold by Sumner Redstone to private investor Mark Thomas for a measly $100,000, has reached an agreement on $75 million worth of its debt to extend the deadline by which it must repay or renegotiate to Feb. 19, one month after the initial due date. The company also announced it is "in discussions" with the holders of the rest of its debt for a similar delay.
The question now is: Does Midway have something in the works for that it will accomplish, or is hoping to accomplish, during that month? Or is it just stalling for time? ("Wheelman" will be released on Feb. 16, but I don't exactly see that curing what ails Midway)
Chris Morris reports on the business and culture of video games and offers analysis of recent events and industry trends.
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