Good news for employees, certain creditors and President/CEO/Chairman Matt Booty: Midway has announced that pending a final hearing in bankruptcy court for the district of Delaware, the beleagured company has received authorization to maintain business operations in the United States. Though a recent scoop at Kotaku indicates that Vin Diesel's "The Wheelman" will probably not fly a [...]
Continue reading...Thursday, February 12, 2009
In order to avoid defaulting on an estimated $240 million in debt, Midway Games and nine affiliates today filed for Chapter 11 bankruptcy protection in a Delaware court. According to the company, only their U.S. operations will be affected. "This was a difficult but necessary decision," said Midway Chairman, President and CEO Matt Booty, in a [...]
Continue reading...Wednesday, January 7, 2009
When Mark Thomas bought Midway for $100,000, it seemed like a good deal -- even if he did get their $70 million in debt in his welcome basket. Soon after, though, we learned that the sale triggered provisions in Midway's bonds, which allowed shareholders to ask for their full $150 million back. A few other [...]
Continue reading...Friday, December 26, 2008
Time for a quick post-Christmas update on Free Radical. As we reported when the whole fiasco started, Free Radical didn’t—and now likely won’t—shut down, but had entered administration. Cameronn Gunn, one of the administrators at ReSolve, the firm investigating the studio, spoke to 1UP recently, telling them, “We made around 140 employees redundant yesterday, effective [...]
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Tuesday, February 17, 2009
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