Midway's creditors listed

GamePolitics.com have dug out the details on Midway's debts as the company recently filed for chapter 11 to attempt a reorganisation. The company has according to their own claims assets worth $167,523,000 and $281,033,000 in liabilities. The main chunk of their liabilities is with Wells Fargo Bank who obviously had a lot of faith in Midway when they agreed to loan them $150 million. Another big chunk is to the current owner Mark Thomas who is owed $40 million. The settlement and royalties owed to NBA is a whopping $17 million plus - seriously did they think NBA Ballers could make profit with that level of licensing costs? Midway also owes a lot of money to various retailers such as Walmart, Best Buy and Target - presumably as compensation for price drops on older products. They also owe money to developer A2M and to EPic Games for licensing and royalties from games developed with Unreal Engine 3.0. It is also notable that the former CEO David Zucker, who resigned in March 2008, has not received his severance pay of $300,000, then again he is largely responsible for this mess so that seems only fair.

It has been rumoured that Ubisoft might pick up Midway's The Wheelman, in development at Midway Newcastle and starring Vin Diesel. It seems logical as Midway desperately needs to offload some of their assets as they attempt to bounce back from bankruptcy.

Top 30 creditors:

Wells Fargo Bank - $150,000,000
Acquisition Holdings Subsidiary - $40,000,000
National Amusements, Inc. - $20,147,864
NBA Properties, Inc. - $17,294,849
Tangible Media, Inc. - $8,675,954
Warner Bros. Interactive - $6,654,203
Artificial Mind & Movement - $2,000,000
Epic Games - $1,975,000
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
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

Source: GamePolitics.com