Midway Working to Pay Off Its Debt By February 19, 2009

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MidwayMidway games confirmed that it has reached an agreement with the holders of its $75 million 7.125% Convertible Senior Notes due in 2026. As previously discussed, a failure to come to terms with these (among other) debtholders could result in a collapse of the company. Midway reports that it is still in negotiations with the holders of the 6% Convertible Senior Notes due in 2025.
In both cases, Midway is looking for investors to agree to not exercise their right to require Midway to repurchase the notes until February 19, 2009. While not made explicit, this suggests that Midway expects to repurchase the notes, but will need until that date to scrape together the cash.

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This page contains a single entry by Editor published on January 5, 2009 11:29 PM.

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