It seems that not even Superman can save ailing publisher Midway, as an SEC filing has revealed that unless the Mortal Kombat creator can pony up $150 million within fifty days, it faces bankruptcy.
At last count on October 31, Midway had a $10.3 million cash total. It is currently looking for "strategic and financial alternatives" to its money woes. Unless it can find one of these alternatives to liquidation, it's a potential fatality for the troubled company.
At the beginning of the month, we reported that the majority of the company's shares had been sold for a measly $.00012 per share. This caused the overall share price to drop by 40%, meaning that shares in Midway now cost 23 cents apiece.
No amount of desperately editing MK vs. DC for a Teen rating will save Midway now.
Jim Sterling serves as reviews editor for Destructoid.com, head of the Podtoid podcast, and produces a number of news stories, original features, one-of-a-kind videos. With his passionate argumentative style, controversial opinions, harsh delivery, and dedication to brutal honesty Sterling is a name that you can't help but recognize.
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Contest:
9:24 AM on 12.05.2008
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Holy going into Bankruptcy, Batman!
This.
would of sold more.
agreed that the games havent been up2 par. but hope they pull out of this situation
You can't *imagine* the cheat codes. It would have been beautiful.
Midway, really though, you guys published some really bad games.
Not saying thats what should make a game, but when it comes to Mortal Kombat it is a fairly large part of the pie.
In the credit crunch. If MK vs DS doesn't sell, Midway goes down.