Follow us on:

Posts tagged debt

OnLive's debt was $30-40 million, insolvency group reveals

It's now been revealed that OnLive's debt was somewhere between $30 million and $40 million before last week's collapse and subsequent reincarnation. Last week, the California-based company's assets were transferred to Insolvency Services Group. Those assets were then sold on to Lauder Partners,...

Continue Reading

SouthPeak gets $10 million loan while losing biggest moneymaker

Outside of looming legal battles and down year-over-year revenues, SouthPeak recently received a $10 million "asset-based line of credit" that extends until February 28, 2012, reports IndustryGamers, effectively replacing an $8 million line of credit previously secured. We're not quite sure what...

Continue Reading

Pre-teen FarmVille player racks up $1,300 in charges

No, no, no. This simply will not do. There are so, so many things in this world worth buying with money you don't technically have, that we can't sympathize with a 12-year-old boy who, according to the Guardian, ran up a £905 tab (something like $1,380) by purchasing FarmVille funny money...

Continue Reading

SouthPeak doubles game sales in 2009 amid dropping profits

Though SouthPeak is keen to point out that its net revenues rose from last year by $7.2 million, the company's profits for the year remain firmly in the red, with a $12.1 million posted loss for the 2009 fiscal year ending June 30. SouthPeak's loss report comes confusingly paired with a 100%...

Continue Reading

Midway stalls for more time, still scrounging up cash

After negotiating a small measure of breathing room last week and delaying the payback of a portion of its staggering debt, fate has again smiled on Midway. GI.biz now reports that the embattled publisher has again talked its way out of a corner, pushing back the deadline to repay the back end of...

Continue Reading

Time extension: Midway gets extra month to pay off debts

Midway has picked up a time bonus, turning back the clock somewhat on its 50-day fast track to financial doom. The troubled Mortal Kombat publisher has negotiated some breathing room for itself, extending the deadline to pay back half of its crushing $150 million in debt by another month until...

Continue Reading

Finish him: Midway facing 50-day countdown to bankruptcy

Things are looking grim for the company that once gave us Gorf, Arch Rivals and Spyhunter. The Chicago Tribune reports that Midway may default on its staggering $240 million debt, and that according to an SEC filing the one-time arcade dynamo has just 50 days to get $150 million of this back into...

Continue Reading

Midway sinks further after Redstone escape

How low can you go? GI.biz reports that Midway's stock has plummeted some 40% since majority shareholder Sumner Redstone cast off his stake in the company to investor Mark Thomas on Monday and ran for the hills. Midway's stock currently trades for around 23 cents a share, an all-time low and...

Continue Reading

Redstone to sell Midway stake for $100K

The week begins with more bad news for financially-hobbled Midway. Just days after finding itself on the business end of a delisting notice from the New York Stock Exchange, the company's majority stockholder, Sumner Redstone, is now preparing to row away from the sinking ship entirely. According...

Continue Reading

Brace yourself: Ziff Davis is $390 million in debt

Publisher Ziff Davis has been in trouble for a while, and now we know how bad. The publisher skipped an interest payment and is entering into negotiations regarding its $390 million debt. Ziff Davis says they are still operationally "in very good shape," but they still have debt left over from...

Continue Reading


Featured Stories

Engadget

Engadget

TUAW

TUAW

Massively

Massively

WoW

WoW