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.