Midway Faces Possible Bankruptcy, Enlists Lazard

**MIG-31** · Dec 5, 2008, 05:42 PM

Embattled publisher Midway Games has admitted that it is in danger of defaulting on $240 million in debt, and has hired investment adviser Lazard Ltd. to evaluate "strategic and financial alternatives."

Midway's troubles have steadily mounted in recent months. Majority shareholder Sumner Redstone just sold his 87 percent stake in the company to private investor Mark Thomas for just $100,000 and the assumption of $70 million in debt. Redstone's move followed a series of layoffs across the company's studios and, still more recently, a delisting warning from the New York Stock Exchange.
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Source: Gamasutra

Dec 5, 2008, 05:42 PM	#1
MIG-31 HardwareHeaven News Mod Join Date: Dec 2002 Location: Nottingham,UK Posts: 55,779 Rep Power: 444 System Specs	Midway Faces Possible Bankruptcy, Enlists Lazard Embattled publisher Midway Games has admitted that it is in danger of defaulting on $240 million in debt, and has hired investment adviser Lazard Ltd. to evaluate "strategic and financial alternatives." Midway's troubles have steadily mounted in recent months. Majority shareholder Sumner Redstone just sold his 87 percent stake in the company to private investor Mark Thomas for just $100,000 and the assumption of $70 million in debt. Redstone's move followed a series of layoffs across the company's studios and, still more recently, a delisting warning from the New York Stock Exchange. ___________ Source: Gamasutra __________________ Please Post Your News Submissions Here