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

Thats what they get for releasing crappy games.

By the way your sig is very very annoying.

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.

Really? :1orglaugh

well if they drive NOT fly to washington and ask for a bailout they will get it

Ouch! Another one bites the dust..

Oh yeah, I think I heard of that game. NOT!!

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..

That sucks.

fatality

:1orglaugh

Haven't they been struggling forever though?

:1orglaugh:1orglaugh

Crappy games? Ever heard of BLITZ

:1orglaugh

lol ya back in the day!

whoppsies!

Awesome old school game! :thumbsup