Poor Midway. They sure ain't what they used to be. From arcade powerhouse to third-rate console publisher, today it's been revealed the company are now facing a new low.
An SEC filing uncovered by Variety shows the company have 50 days to settle their outstanding debts. Debts that, as of today, stand at $US150 million. Pity Midway don't have that kind of money.
As it stands, they have a pinch over $US10 million. So, no, over the next 49 days they will not be repaying their debts. Which means they'll have to look at alternate options.
Those options basically entail getting advisory company Lazard to help them out. If Lazard can't perform a miracle, well, Midway will have to declare bankruptcy.
In this day and age, that won't mean the end of Midway, but it definitely doesn't help things.