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Mortal Kombat publisher owes 240 million
Midway has filed for Chapter 11 bankruptcy in order to gain more time to pay their debts which total 240 million. Midway is the publisher of the long running Mortal Kombat series of video games. Midway's debt consists of $150 million owed to various note holders (with Wells Fargo as trustee), and another $90 million owed to the publisher's former majority shareholder, National Amusements. National Amusements is headed by Sumner Redstone.
According to Midway one of the causes of their current financial problems was last November's "change in ownership," when then majority stockholder Sumner Redstone sold off his 87 percent stake in the company valued at $30 million for $100,000. As a result of the ownership change, Midway's debtors have the right to call in the company's debts if they so choose.
If Midway were to default on the $150 million debt, National Amusements would have the right to call in the $90 million that it loaned Midway.
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Midway has filed for Chapter 11 bankruptcy in order to gain more time to pay their debts which total 240 million. Midway is the publisher of the long running Mortal Kombat series of video games. Midway's debt consists of $150 million owed to various note holders (with Wells Fargo as trustee), and another $90 million owed to the publisher's former majority shareholder, National Amusements. National Amusements is headed by Sumner Redstone.
According to Midway one of the causes of their current financial problems was last November's "change in ownership," when then majority stockholder Sumner Redstone sold off his 87 percent stake in the company valued at $30 million for $100,000. As a result of the ownership change, Midway's debtors have the right to call in the company's debts if they so choose.
If Midway were to default on the $150 million debt, National Amusements would have the right to call in the $90 million that it loaned Midway.
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