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12-07-2008, 11:07 PM
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#1 |
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Tap into MOBILE!
Industry Role:
Join Date: Jul 2003
Location: Hollywood
Posts: 11,779
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Gaming Company Midway reveals $240M debt, payment deadline
SEC filing says Mortal Kombat publisher has 50 days to pay off $150 million in debt; default could trigger subsequent $90 million repayment; company's assets total only $167.5 million.
After months of dreary earnings reports, Midway Games got a brief reprieve in November with the release of the decently reviewed Mortal Kombat vs. DC Universe. However, the honeymoon didn't last. This morning, the publically traded publisher issued a filing with the Securities and Exchange Commission that revealed it is carrying a whopping $240 million in debt. That's $72.5 million more than the $167.5 million in total assets--including property--that the company had as of September 30. Read the rest here: http://www.gamespot.com/news/6202009...dlines;title;2 |
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12-07-2008, 11:12 PM
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#2 |
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Adult Content Provider
Industry Role:
Join Date: May 2005
Location: Europe
Posts: 18,243
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Thats what they get for releasing crappy games.
By the way your sig is very very annoying. |
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12-07-2008, 11:13 PM
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#3 |
Industry Role:
Join Date: Aug 2006
Location: Little Vienna
Posts: 32,235
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I just never understood how those american gaming company can get so high debt.I still remember howmany millions are spended for producing daikatana which when was finaly published been shit,while guys from Croatia who didnt spend a single dime made a great game serious sam.
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12-07-2008, 11:22 PM
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#4 | |
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Tap into MOBILE!
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Location: Hollywood
Posts: 11,779
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Quote:
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12-07-2008, 11:25 PM
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#5 |
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Fuck Checks, CASH only!
Join Date: May 2002
Location: New York City
Posts: 19,422
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well if they drive NOT fly to washington and ask for a bailout they will get it
__________________
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12-07-2008, 11:28 PM
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#6 |
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Confirmed User
Industry Role:
Join Date: Mar 2006
Posts: 1,079
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Ouch! Another one bites the dust..
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12-07-2008, 11:29 PM
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#7 | |
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Confirmed User
Industry Role:
Join Date: Mar 2006
Posts: 1,079
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Quote:
But seriously to understand a company like Midway you really have to understand US life (I am originally from Europe btw). Midway made a break in the 80s with pinball and similar machines that dominated arcades prior to personal computers in every home. They didn't adapt well to the transition from public gaming to home gaming and they are now hurting like many other companies that could not adapt. This is not necessarily an indication of the global economic collapse but this certainly does not help. Like many other companies in this position, the writing was on the wall a long time ago but here is is finally chiseled in stone.. |
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12-07-2008, 11:34 PM
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#8 |
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Confirmed User
Join Date: Apr 2007
Posts: 5,419
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That sucks.
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12-07-2008, 11:34 PM
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#9 |
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perverted justice decoy
Join Date: Aug 2005
Location: unborn still in the womb connected via blackberry
Posts: 19,291
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fatality
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12-07-2008, 11:38 PM
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#10 | |
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Confirmed User
Join Date: Aug 2007
Posts: 2,985
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Quote:
Haven't they been struggling forever though?
__________________
jim (at) amateursconvert . com Amateurs Convert
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12-08-2008, 01:14 AM
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#11 | |
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hi
Industry Role:
Join Date: Jun 2002
Posts: 16,731
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Quote:
__________________
M3Server - NATS Hosting |
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12-08-2008, 01:19 AM
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#12 |
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Confirmed User
Industry Role:
Join Date: Nov 2008
Posts: 606
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Crappy games? Ever heard of BLITZ
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Great Whitelabel Dating |
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12-08-2008, 01:32 AM
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UNSTOPPABLE
Join Date: Aug 2003
Location: UK :: ICQ# 156068
Posts: 11,569
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Quote:
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12-10-2008, 07:06 PM
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#14 | |
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Tap into MOBILE!
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Join Date: Jul 2003
Location: Hollywood
Posts: 11,779
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Quote:
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12-10-2008, 07:14 PM
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#15 |
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In Tushy Land
Join Date: Oct 2002
Location: Nebraska
Posts: 40,149
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whoppsies!
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12-10-2008, 07:19 PM
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aliasx
Join Date: Apr 2001
Posts: 19,010
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Quote:
__________________
https://porncorporation.com |
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