Midway's Chapter 11 Itemized
It's sorta a crap time for everyone in the industry. Press, studios, and generally everyone in the market is taking a hit from the enormous recession the US has been struck with. Midway, makers of Mortal Kombat, has just recently filed for chapter 11. This has not come with much shock, considering the times and the companies recent release record.
According to the company itself, they have $167,523,000 in assets. Seems like plenty to keep a company afloat, correct? That is until you look at their list of $281,033,000 in outstanding debts.
Here is a list of Midway's outstanding unsecured debts (descending by magnitude):
- Wells Fargo Bank - $150,000,000
- Acquisition Holdings Subsidiary - $40,000,000 unsecured loan (Thomas is the mystery man who purchased Midway late in 2008)
- National Amusements, Inc. - $20,147,864
- NBA Properties, Inc. - $17,294,849 (License/royalty settlement)
- Tangible Media, Inc. - $8,675,954
- Warner Bros. Interactive - $6,654,203
- Artificial Mind & Movement - $2,000,000
- Epic Games - $1,975,000 (License/Royalties)
- Walmart - $1,576,035
- Far Sight Technologies - $1,279,151
- Best Buy - $1,114,036
- Target - $934,156
- Technicolor Video Services - $637,769
- Toys R Us - $615,276
- Ditan/Synergex Canada - $578,316
- CBS Outernet - $314,600
- David Zucker - $300,000 (severance pay)
- Multi Packaging Solutions - $287,036
- A.A.F.E.S Headquarters - $276,314
- Kmart - $218,497
- Tigon Studios - $200,000(license/royalties)
- Hollywood Entertainment - $190,982
- TNA Entertainment - $160,000 (license/royalties)
- Professional Films, Inc. - $150,000
- Synergex - Latin America - $149,027
- Pioneer.JB Marketing - $133,353
- Eclipse Advertising - $132,687
- GameStop - $127,250
- Sear, Roebuck - $125,495
My heart goes out to the developers that will likely lose their jobs over this. Grim times indeed.
List of Bankrupt Midway's Creditors [GamePolitics]
Asterick
Posted to Video Games on 13 February 2009
· Comments (2)
Other stuff like this: bankruptcy, midway, mortal kombat, recession
How can one not go to jail for owing this amount of money, seriously?
But oh well. Death has claimed thou Midway.
Auf widersehen. Farewell.
I don't understand myself knuckles. I mean if an individual person owed this money their possessions would have been seized by now via a lawsuit or similar legal means.