As reported previously, there has been some panic about Midway’s financial situation in the press. Well, there is finally some marginally good news for Midway Games coming across the Business Wire.
Some of Midway’s creditors have allowed an extension of the deadline to the possible forced mandatory repayment due to change of control. Of the USD 150 million, the holders of the USD 75 million bonds due in 2026 have announced a new deadline of 19-Feb-2009. Still no word from the holders of the USD 75 million bonds due in 2025.
It is probably a very good bet that the bondholders and Midway have extended the deadline to continue to negotiate and work towards mutually beneficial arrangement. With a new owner that had no previous relationship with Midway Games, it may take some time for them to find their feet and satisfy the bondholders. I wouldn’t say Midway is sticking around or disappearing, but I would say they have a little more time to figure everything out.
Sheesh… and I complain about my debt? Fuck that! Back to the topic, though, Midway needs to get their shit together and bring back gaming like they were doing in the 90’s. Mortal Kombat was awesome, but it’s time for innovation. And I don’t man NBA Jam 2010.