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Midway files for bankruptcy

Ryno
polycounter lvl 18

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  • bounchfx
    where's the game industry's bailout !11?1//?

    haha just kidding.. it's midway.. :|

    honestly, it's disheartening seeing so many studios shutting down week after week.. damn :(
  • Jesse Moody
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    Jesse Moody polycounter lvl 18
    WHAT! I never saw this coming. Never!
  • Mark Dygert
    I'm now officially numb to any kind of economic news.

    Sad to hear... bla bla bla... hope everyone lands on their feet... yadda yadda yadda...
  • Tumerboy
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    Tumerboy polycounter lvl 17
    Vig, it's not going to stop until you put that in your sig line!
  • Emil Mujanovic
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    Emil Mujanovic polycounter lvl 18
    Its unfortunate to see so many companies biting the dust and seeing artists (including ones on these boards) affected by these closures. But is it any surprise that Midway is closing.
    I almost have to side with Vig on this one. Studio closures are so common these days, that we almost need an automated post response to all the new threads.

    -caseyjones
  • Andreas
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    Andreas polycounter lvl 11
    Wonder what will happen to Wheelman. Was actually going to apply there in a few weeks, met one of their lead animators at Animex. Damn.
  • Jesse Moody
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    Jesse Moody polycounter lvl 18
  • [MILES]
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    [MILES] polycounter lvl 17
  • silversteez
    Midway isn't closing. Chapter 11 is a protective measure. United Airlines, for example, operated for years under chapter 11.
  • FAT_CAP
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    FAT_CAP polycounter lvl 18
    Blenderhead - the UK/ European side of Midway is not affected by this at this time as we are a subsiduary of the London office - this chapter 11 is pertinent only to the US offices. As Silversteez said - this isn't news of Midway closing - the chapter 11 is meant to bring together, by a court order, the investors/ debtors to work out some sort of deal over the debt that Midway owes.

    We are still looking at hiring for a TD/ technical animator for the next project as far as I know so it is still worth applying I would say. If you want anymore info fel free to PM me.

    Wheelman is still going ahead and shipping for March - my first published game as a character artist! It seems like an age since I was working on it however!
  • psychoticprankster
    WHAT! I never saw this coming. Never!
    Same here.
  • Junkie_XL
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    Junkie_XL polycounter lvl 14
    Midway isn't closing. Chapter 11 is a protective measure. United Airlines, for example, operated for years under chapter 11.

    From what I understand it, Chapter 11 shows an interest to consolidate and keep moving forward. Chapter 7 is the one where they have pretty much had it and are calling it quits, yes?
  • Richard Kain
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    Richard Kain polycounter lvl 18
    To be fair, the fall of the American arcade industry was the end of Midway's glory days. They just never really transitioned properly to console development.
  • Andreas
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    Andreas polycounter lvl 11
    FAT_CAP wrote: »
    Wheelman is still going ahead and shipping for March - my first published game as a character artist! It seems like an age since I was working on it however!

    Congrats. From what I saw at Animex, it looks very well made! Yeah, I'd say it feels pretty surreal finishing up on a project and then having it coming back into the spotlight months later because its actually released! :D
  • Jesse Moody
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    Jesse Moody polycounter lvl 18
    I did some buildings for wheelman. I'm sure it is just another Midway title my names not in the credits though because they got pissed when I left. Oh well.
  • Ruz
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    Ruz polycount lvl 666
    I accepted a job there ih 2006 , then didn't take it and went to frontier instead.

    I would have been doing the character stuff on wheelman:)
  • Jesse Moody
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    Jesse Moody polycounter lvl 18
    Just read more on Kotaku about who Midway owes money to and how much.

    * Wells Fargo Bank - $150,000,000
    * Acquisition Holdings Subsidiary - $40,000,000 unsecured loan (Thomas is the mystery man who purchased Midway late in 2008)
    * National Amusements, Inc. - $20,147,864
    * NBA Properties, Inc. - $17,294,849 (License/royalty settlement)
    * Tangible Media, Inc. - $8,675,954
    * Warner Bros. Interactive - $6,654,203
    * Artificial Mind & Movement - $2,000,000
    * Epic Games - $1,975,000 (License/Royalties)
    * Walmart - $1,576,035
    * Far Sight Technologies - $1,279,151
    * Best Buy - $1,114,036
    * Target - $934,156
    * Technicolor Video Services - $637,769
    * Toys R Us - $615,276
    * Ditan/Synergex Canada - $578,316
    * CBS Outernet - $314,600
    * David Zucker - $300,000 (severance pay)
    * Multi Packaging Solutions - $287,036
    * A.A.F.E.S Headquarters - $276,314
    * Kmart - $218,497
    * Tigon Studios - $200,000(license/royalties)
    * Hollywood Entertainment - $190,982
    * TNA Entertainment - $160,000 (license/royalties)
    * Professional Films, Inc. - $150,000
    * Synergex - Latin America - $149,027
    * Pioneer.JB Marketing - $133,353
    * Eclipse Advertising - $132,687
    * GameStop - $127,250
    * Sear, Roebuck - $125,495

    That doesn't look too good. 2 million to Epic. Damn Midway. Pay up.
  • rooster
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    rooster mod
    jeebus, scary figures
  • [MILES]
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    [MILES] polycounter lvl 17
    Just read more on Kotaku about who Midway owes money to and how much.

    * Wells Fargo Bank - $150,000,000
    * Acquisition Holdings Subsidiary - $40,000,000 unsecured loan (Thomas is the mystery man who purchased Midway late in 2008)
    * National Amusements, Inc. - $20,147,864
    * NBA Properties, Inc. - $17,294,849 (License/royalty settlement)
    * Tangible Media, Inc. - $8,675,954
    * Warner Bros. Interactive - $6,654,203
    * Artificial Mind & Movement - $2,000,000
    * Epic Games - $1,975,000 (License/Royalties)
    * Walmart - $1,576,035
    * Far Sight Technologies - $1,279,151
    * Best Buy - $1,114,036
    * Target - $934,156
    * Technicolor Video Services - $637,769
    * Toys R Us - $615,276
    * Ditan/Synergex Canada - $578,316
    * CBS Outernet - $314,600
    * David Zucker - $300,000 (severance pay)
    * Multi Packaging Solutions - $287,036
    * A.A.F.E.S Headquarters - $276,314
    * Kmart - $218,497
    * Tigon Studios - $200,000(license/royalties)
    * Hollywood Entertainment - $190,982
    * TNA Entertainment - $160,000 (license/royalties)
    * Professional Films, Inc. - $150,000
    * Synergex - Latin America - $149,027
    * Pioneer.JB Marketing - $133,353
    * Eclipse Advertising - $132,687
    * GameStop - $127,250
    * Sear, Roebuck - $125,495

    That doesn't look too good. 2 million to Epic. Damn Midway. Pay up.


    * EarthQuake's Cat Spaying Service - $10.95
  • t4paN
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    t4paN polycounter lvl 10
    [MILES] wrote: »
    Fatality

    Sad news, but this was pretty spot on! lol :X
  • John Warner
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    John Warner polycounter lvl 18
    shit.

    i wonder if THQ ain't far off...
  • Andreas
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    Andreas polycounter lvl 11
    Just read more on Kotaku about who Midway owes money to and how much.

    * Wells Fargo Bank - $150,000,000
    * Acquisition Holdings Subsidiary - $40,000,000 unsecured loan (Thomas is the mystery man who purchased Midway late in 2008)
    * National Amusements, Inc. - $20,147,864
    * NBA Properties, Inc. - $17,294,849 (License/royalty settlement)
    * Tangible Media, Inc. - $8,675,954
    * Warner Bros. Interactive - $6,654,203
    * Artificial Mind & Movement - $2,000,000
    * Epic Games - $1,975,000 (License/Royalties)
    * Walmart - $1,576,035
    * Far Sight Technologies - $1,279,151
    * Best Buy - $1,114,036
    * Target - $934,156
    * Technicolor Video Services - $637,769
    * Toys R Us - $615,276
    * Ditan/Synergex Canada - $578,316
    * CBS Outernet - $314,600
    * David Zucker - $300,000 (severance pay)
    * Multi Packaging Solutions - $287,036
    * A.A.F.E.S Headquarters - $276,314
    * Kmart - $218,497
    * Tigon Studios - $200,000(license/royalties)
    * Hollywood Entertainment - $190,982
    * TNA Entertainment - $160,000 (license/royalties)
    * Professional Films, Inc. - $150,000
    * Synergex - Latin America - $149,027
    * Pioneer.JB Marketing - $133,353
    * Eclipse Advertising - $132,687
    * GameStop - $127,250
    * Sear, Roebuck - $125,495

    That doesn't look too good. 2 million to Epic. Damn Midway. Pay up.

    Holy.

    Crap.
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