Hot on the heels of the announcement that Midway has reached an agreement with its creditors to give Midway more time to get things back on track, the company announced that the upcoming title, Wheelman for the Xbox 360 and PlayStation 3, is now scheduled for release on March 20th.

In addition to the release date for Wheelman, the company announced that it would be releasing a pre-launch demo that will come to both the Xbox 360 and PlayStation 3 for download prior to the game’s official release date. The exact timetable for the release of the demo is not yet known, but we suspect that we will see it in late February or early March, according to our sources.

In addition to the announcement of the release date, the company has already launched an updated Web site to promote the title prior to release with new screen shots, trailers and the latest information about the game.

Given Midway’s current situation, the company has very high hopes for Wheelman, and they obviously need to generate as much buzz as possible to get people interested in the title in hopes of gaining more pre-orders of the title prior to its release. From what we can tell, the game does appear to show a lot of promise and could be the kind of hit that Midway needs right now to get things back on track; still, they are going to need a lot of promotion and good reviews to gain the kind of sales that the company needs.