Midway Files for Bankruptcy

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MidwayWhen Midway was purchased in December, it came with a significant debt load. FI noted at the time that any sensible investor taking on a company's debt has a plan to deal with it. Apparently, Mark Thomas (the private investor who bought Sumner Redstone's stake in Midway) either isn't a sensible investor, or has another agenda, because today Midway filed for Chapter 11 Bankruptcy.
Previously, Midway negotiated with its debtholders a reprieve until February 19. But now that seems like a simple delaying tactic to give the company time to put its affairs (for a bankruptcy filing) in order. Midway hopes to continue ordinary operations while it restructures its debt.

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This page contains a single entry by Editor published on February 12, 2009 2:51 PM.

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