Featured Articles

AMD Never Settle Forever bundle hits 200-series cards

AMD Never Settle Forever bundle hits 200-series cards

AMD’s Never Settle bundles have been around for a while and the community response has been extremely positive. When AMD launched…

More...
AMD shipping Beema APUs

AMD shipping Beema APUs

According to Lisa Su, SVP & GM, Global Business Units at AMD, Beema notebook parts have started shipping to manufacturers last…

More...
IHS teardown reveals Galaxy S5 BOM

IHS teardown reveals Galaxy S5 BOM

Research firm IHS got hold of Samsung’s new flagship smartphone and took it apart to the last bolt to figure out…

More...
Galaxy S5, HTC One M8 available selling well

Galaxy S5, HTC One M8 available selling well

Samsung’s Galaxy S5 has finally gone on sale and it can be yours for €699, which is quite a lot of…

More...
KFA2 GTX 780 Ti Hall Of Fame reviewed

KFA2 GTX 780 Ti Hall Of Fame reviewed

KFA2 gained a lot of overclocking experience with the GTX 780 Hall of Fame (HOF), which we had a chance to…

More...
Frontpage Slideshow | Copyright © 2006-2010 orks, a business unit of Nuevvo Webware Ltd.
Thursday, 16 April 2009 07:56

Midway looks for at least $30 million

Written by David Stellmack

Image

Offers incentives if company sold for that

The news regarding Midway just continues to go from bad to worse, with continuing bad press over the current state of affairs with the publisher. According to various reports, Midway is offering its key employees incentives if the company asset sale is able to equal at least $30 million in total.

This is only the first phase of what is being called the KEIP or key employee incentive plan. The second part of the plan tasks these key employees to come up with a court acceptable plan to reorganize, or in the event that this is not possible, to actually liquidate Midway to satisfy the number of secured claims.

The latest plan offers incentives that are much less than what was proposed originally. As the days pass it seems less and less likely that Midway will reorganize in a way that will allow the company to remain intact. It is most likely at this point that more assets will continue to be sold off and the company will be forced into liquidation, unless an actual buyout purchase is completed quickly.

The rumors continue that at least two buyers remain seriously interested in Midway, with a third that has at least some interest in the company. With our sources saying that Midway is running out of cash, it is likely that the entire final fate of the company will be known in the next sixty-day period.
Last modified on Thursday, 16 April 2009 08:05
blog comments powered by Disqus

To be able to post comments please log-in with Disqus

 

Facebook activity

Latest Commented Articles

Recent Comments