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01-16-2009, 08:28 AM
Troubled publisher Midway has issued a short Press Release (http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090115006223&newsLang=en) announcing that they have managed to convince (con?) their creditors into holding off on requiring repayment.
Midway Games Inc. today filed a Current Report on Form 8-K with the SEC detailing the waiver and forbearance agreements it has reached with the holders of $150 million principal amount of its convertible senior notes. With the agreements reached today, Midway now has negotiated with holders of the $75 million principal amount of 6% Convertible Senior Notes due 2025 and $75 million principal amount of 7.125% Convertible Senior Notes due 2026 to extend the date upon which the holders have the right to exercise their option to require Midway to repurchase the notes to February 12, 2009. The accelerated repurchase date was triggered by a change of control that occurred on November 28, 2008.
Midway Games Inc. today filed a Current Report on Form 8-K with the SEC detailing the waiver and forbearance agreements it has reached with the holders of $150 million principal amount of its convertible senior notes. With the agreements reached today, Midway now has negotiated with holders of the $75 million principal amount of 6% Convertible Senior Notes due 2025 and $75 million principal amount of 7.125% Convertible Senior Notes due 2026 to extend the date upon which the holders have the right to exercise their option to require Midway to repurchase the notes to February 12, 2009. The accelerated repurchase date was triggered by a change of control that occurred on November 28, 2008.