to join the CVG community. Not a member yet? Join now!
CVG
News

Midway aims for $30 million sale

Target sale price named

The owners and debtors of Midway have agreed on a $30 million target sales price for the troubled publisher.

According to Variety, the figure was outlined in the final version of the company's "key employee incentive plan," which was approved ten days ago at a bankruptcy court hearing.

The plan will see 28 employees receive a bonus if the target price is met. The group will share $600,000 if a $30 million purchase is agreed and a further $1 million if the sale is officially completed.

More bonuses will be granted if the publisher is sold for a higher amount than the target price.

Midway is also prepared to sell assets individually, such as the rights to its leading franchise Mortal Kombat.

Last summer Midway stock had a market capitalisation of around $350 million, a figure that highlights the hard times the publisher has fallen on.

Article supplied by Edge-Online

Comments