With the recent sale of Sumner Red stone’s shares in Midway to Mark Thomas, the news continues to get worse for Midway. The latest news is that Midway only has about fifty days of cash on hand and the company is in danger of defaulting on outstanding loans.

If the news could not get any worse, Midway is also facing possible delisting on the NYSE. Midway has hired strategic investment advisor Lazard Ltd. to have a look at the situation and see what alternatives might be available to salvage the situation.

Sources continue to tell us that bankruptcy is a real possibility and that if bondholders request a repurchase of the outstanding bonds the end could be at hand for Midway. The latest news is that the company only has about $10.3 million is cash reserves and it is unknown what Mark Thomas plans to do, if anything, to address the situation. Some sources are suggesting that he plans to inject money into the company to keep it afloat while he looks at the possible options for the future.

Midway has been struggling for some time, and even with the recent positive reviews of the titles that were recently released, it just might not be enough to sustain the company over the long term. Should Midway go down in flames, it will be a great loss for the gaming community at large.