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Midway Games Inc. (MWY)
Midway may default on debts
Midway may default on debts
Gamesindustry - December 5, 2008
Submitted by apujanata (14935) at 7:22AM PST on December 5, 2008
Sumner Redstone's move to sell majority stake triggers potential repayments amounting to USD 240 million. The change in ownership triggers provisions that allow bondholders to ask for full repayment. Total payout is USD 150 M, an amount it said it would not be able to meet. Midway's default on the USD 150 M would allow National Amusements, Redstone's holding company, to ask for the immediate repayment of USD 90 M.
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1apujanata posted on Midway Games Inc. (MWY) at 3:11PM PST on December 16, 2008. RE: Midway may default on debtsbids
1apujanata posted on Midway Games Inc. (MWY) at 7:24AM PST on December 5, 2008. RE: Midway may default on debts@apujanata,
This 240 Million is not included in the USD 70 Million secured and unsecured debt mentioned in the 100K sales article.
The debt is even bigger than it looks like (US$ 240 + 70 = 310 Million). It is a very big debt (for gaming company, IMO).[ Oracle ] [ Level 30 ] [ Rank: 14935 ]bids
12apujanata posted on Midway Games Inc. (MWY) at 7:22AM PST on December 5, 2008. Article: Midway may default on debtsSumner Redstone's move to sell majority stake triggers potential repayments amounting to USD 240 million. The change in ownership triggers provisions that allow bondholders to ask for full repayment. Total payout is USD 150 M, an amount it said it would not be able to meet. Midway's default on the USD 150 M would allow National Amusements, Redstone's holding company, to ask for the immediate repayment of USD 90 M.[ Oracle ] [ Level 30 ] [ Rank: 14935 ]
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:( They're nice guys at Midway. Hope they can pull through their debt situation somehow and refocus like Atari.