Midway may default on debts
Midway Games has admitted it could default on its debts, as Sumner Redstone's move to sell majority stake triggers potential repayments amounting to USD 240 million.
In a filing unearthed by GamePolitics, Thomas states: ``Midway has an immediate need to access and use AHS's Cash Collateral (another company owned by Thomas). Nor can it be disputed that, based upon the Debtors' 13-week forecasted budget, Midway is haemorrhaging cash at an alarming rate.