Midway Games Gets Stay Of Execution To Feb 19 (MWY)

Midway Games (MWY) gets a few more weeks to live.

When Sumner Redstone dumped his majority stake in the troubled gaming publisher, the change in ownership allowed Midway’s creditors to call in its debt–about $150 million, versus Midway’s $10 million of cash on hand. Which effectively meant Midway would be out of business when the notes came due, at the end of January.

But now, under a new forebearance agreement, Midway gets until Feb 19 to repay the money. Unfortunately for Midway, we can’t imagine that means anything other than the company’s few remaining employees get a couple of extra weeks of payroll.

See Also:
Midway (and Sumner) Death Watch: $150 Million Due In 50 Days
Redstone Sells Midway, Considers Staking Viacom/CBS Against Debt

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