Midway Gets Factored for Fall

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MidwayMidway has entered into a factoring agreement with National Amusements that will help Midway meet its short-term cash needs.
In case you aren't familiar with factoring, that means one party buys accounts receivable (money owed, for example, by a retailer for games delivered) at a discount. So Midway gets less money that it would if it waited for the accounts receivable to pay, but gets that money now instead of later.

National Amusements has agreed to purchase up to $40 million worth of accounts receivable from Midway (at an undisclosed discount), an amount that Midway plans to use to manufacture its games for the remainder of the year.

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This page contains a single entry by Editor published on September 22, 2008 6:09 PM.

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