Author Topic: Midway about to go bankrupt  (Read 2971 times)

0 Members and 1 Guest are viewing this topic.

Offline Link-NM

  • Hero of Time
  • Administrator
  • *
  • Posts: 2,460
  • Total likes: 51
  • Gender: Male
    • Nintendo Network ID: Link-NM
  • Awards Won first place in the Super Smash Bros. for Wii U February 2015 Tourney. Won first place in the MK8 weekly tourney. Members that played a lot of Mario Kart DS online. (>100 WiFi wins)
    • View Profile
    • Personal Site
  • 3DS Friend Code: 3480-2973-5077
Midway about to go bankrupt
« on: December 08, 2008, 12:48:38 AM »
Quote
Midway has 50 days to come up with $150 million

... With only $10.3 million on hand as of Oct. 31, Midway won't be able to come up with that kind of money that fast, no matter how well "Mortal Kombat vs DC" sells (and it seems like it is selling pretty well). So the board of directors has engaged financial advisory firm Lazard to help it explore "strategic and financial alternatives" to its liquidity problems. If it can't find a new source of funding or re-negotiate its debt, looks like it will probably have to declare bankruptcy. ...

Source

Could this be the end of Mortal Kombat?
(click to show/hide)

Offline Link-NM

  • Hero of Time
  • Administrator
  • *
  • Posts: 2,460
  • Total likes: 51
  • Gender: Male
    • Nintendo Network ID: Link-NM
  • Awards Won first place in the Super Smash Bros. for Wii U February 2015 Tourney. Won first place in the MK8 weekly tourney. Members that played a lot of Mario Kart DS online. (>100 WiFi wins)
    • View Profile
    • Personal Site
  • 3DS Friend Code: 3480-2973-5077
Re: Midway about to go bankrupt
« Reply #1 on: February 21, 2009, 11:44:32 PM »
More updates related to the status of Midway.

Here's a list of companies that Midway owes money to:

Quote
Wells Fargo Bank - $150,000,000
Acquisition Holdings Subsidiary  - $40,000,000 unsecured loan (Thomas is the mystery man who purchased Midway late in 2008)
National Amusements, Inc. - $20,147,864
NBA Properties, Inc. - $17,294,849  (License/royalty settlement)
Tangible Media, Inc. - $8,675,954
Warner Bros. Interactive - $6,654,203
Artificial Mind & Movement - $2,000,000
Epic Games - $1,975,000 (License/Royalties)
Walmart - $1,576,035
Far Sight Technologies - $1,279,151
Best Buy - $1,114,036
Target - $934,156
Technicolor Video Services - $637,769
Toys R Us - $615,276
Ditan/Synergex Canada - $578,316
CBS Outernet - $314,600
David Zucker - $300,000 (severance pay)
Multi Packaging Solutions - $287,036
A.A.F.E.S Headquarters - $276,314
Kmart - $218,497
Tigon Studios - $200,000(license/royalties)
Hollywood Entertainment - $190,982
TNA Entertainment - $160,000 (license/royalties)
Professional Films, Inc. - $150,000
Synergex - Latin America - $149,027
Pioneer.JB Marketing - $133,353
Eclipse Advertising - $132,687
GameStop - $127,250
Sear, Roebuck - $125,495

And more details about that list here:
http://www.gamepolitics.com/2009/02/13/list-bankrupt-midway039s-creditors

And related to the current status:
http://www.midway.com/us/pr/mpr_5592.html

and this:
http://www.edge-online.com/news/midway-delisted-from-nyse
(click to show/hide)

Offline Nnja

  • Gordo
  • *
  • Posts: 187
  • Total likes: 0
  • Gender: Male
  • I'm psychic. When you see -*-, my powers activate.
    • View Profile
    • Shades of Heroes
Re: Midway about to go bankrupt
« Reply #2 on: February 24, 2009, 03:16:43 PM »
No more Midway=no more Gauntlet. I want one for the Wii.

I hope they don't go bankrupt. Surprisingly, this is about the only bad financial thing I've heard about from the gaming industry. (considering the times...)

Offline Link-NM

  • Hero of Time
  • Administrator
  • *
  • Posts: 2,460
  • Total likes: 51
  • Gender: Male
    • Nintendo Network ID: Link-NM
  • Awards Won first place in the Super Smash Bros. for Wii U February 2015 Tourney. Won first place in the MK8 weekly tourney. Members that played a lot of Mario Kart DS online. (>100 WiFi wins)
    • View Profile
    • Personal Site
  • 3DS Friend Code: 3480-2973-5077
Re: Midway about to go bankrupt
« Reply #3 on: March 18, 2009, 12:35:40 PM »
And another update about Midway's situation. There's the posibility that they may sell the Mortal Kombat franchise.

http://netdockets.wordpress.com/2009/02/25/midway-games-seeks-approval-of-a-key-employee-incentive-plan/
(click to show/hide)

Offline Link-NM

  • Hero of Time
  • Administrator
  • *
  • Posts: 2,460
  • Total likes: 51
  • Gender: Male
    • Nintendo Network ID: Link-NM
  • Awards Won first place in the Super Smash Bros. for Wii U February 2015 Tourney. Won first place in the MK8 weekly tourney. Members that played a lot of Mario Kart DS online. (>100 WiFi wins)
    • View Profile
    • Personal Site
  • 3DS Friend Code: 3480-2973-5077
Re: Midway about to go bankrupt
« Reply #4 on: April 11, 2009, 03:40:21 PM »
(click to show/hide)

 



Click here for our Discord chat