Midway will run out of cash in June
Christopher Reynolds 17:13, Tuesday 14 April 2009
Midway will run out of funds by June 2009, according to a statement filed by current owner Mark Thomas during the publisher's bankruptcy proceedings
The document states that Midway has no game releases that could have "provided an influx of cash between now and June", and that if the company continues to consume cash at its current rate its funds will be "depleted by June 2009."
The document also said that Midway had overstated the value of the Mortal Kombat franchise, which it is currently trying to sell off to raise funds.
“Midway had overstated the value of the Mortal Kombat franchise”
However, according to the Chicago Tribune, Midway spokesman Geoffry Mogilner said that the 20-year-old publisher has "ample cash to take us to August, and we believe beyond that as well."
If you didn't know already, Midway revealed that it was lumbered with over 250 million USD worth of debt last December, and its US arm has filed for bankruptcy protection.
[Via GamePolitics]
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Christopher Reynolds
I used to write for Play, and have also written for X360, GamesTM, SciFi Now and a bunch of...
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