OK, so this isn't exactly new news, although some parts of it are. For the whole of the 21st century, Midway has been making a loss. One by one, divisions and studios under their control closed. In 2007, they entered a $90 million credit agreement with National Amusements, giving them an 87% stake in Midway. In December 2008, they sold their shares to a private invester, Mark Thomas, for $100,000, along with a debt of $70 million. Unfortunately, this triggered provisions in Midway bonds of $150 million allowing creditors to ask for full payment. Midway then laid off approximately 25% of their employees, mostly in their Chicago location but also in San Diego. They also closed Midway Austin, formerly known as Inevitable Entertainment. Midway Austin were responsible for (the modern) Area 51 and BlackSite. Inevitable Entertainment made PS2/GC ports of Defender, Tribes: Aerial Assualt and The Hobbit on PS2, and were working on Area 51 when the studio was bought by Midway. http://www.bizjournals.com/austin/stories/2008/12/15/daily20.html http://www.chicagotribune.com/business/chi-biz-midway-games-layoffs-dec16,0,2060766.story http://www.chicagotribune.com/business/chi-wed-midway-games-dec17,0,2494029.story Midway have said that they will have trouble repaying the bonds in full under a new schedule. The bondholders have agreed to give Midway some extra time. Will they be able to come up with an acceptable solution? Is this the end of Midway Games? http://www.chicagotribune.com/business/chi-midway-games-jan5,0,4938323.story
Wow, Crystal Dynamics are still around?? Oh yeah, of course, they took over Tomb Raider. Which is basically all that kept them going. Then they screwed that up, so it's no wonder! Hmm, and in the usual fashion, their site is old and outdated, and lists 12 vacancies!!! :lol:
