Midway Reaches Waiver and Forbearance Agreement on 7.125% Notes
January 05 2009 - 4:21PM
Business Wire
Midway Games Inc. (NYSE: MWY) today filed a Current Report on Form
8-K with the SEC detailing the waiver and forbearance agreement it
has reached with the holders of its $75 million principal amount of
7.125% Convertible Senior Notes due 2026. In the agreement, the
noteholders agreed to extend their right to require Midway to
repurchase the notes until February 19, 2009. Midway is currently
in discussions with the holders of its 6% Convertible Senior Notes
due 2025 to obtain a similar waiver and forbearance agreement
extending the repurchase date for those notes triggered by the
change of control to February 19, 2009. About Midway Midway Games
Inc. (NYSE:MWY), headquartered in Chicago, Illinois, with offices
throughout the world, is a leading developer and publisher of
interactive entertainment software for major videogame systems and
personal computers. More information about Midway and its products
can be found at www.midway.com. FORWARD-LOOKING STATEMENTS This
press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
concerning future business conditions and the outlook for Midway
Games Inc. (the "Company") based on currently available information
that involves risks and uncertainties. The Company's actual results
could differ materially from those anticipated in the
forward-looking statements as a result of these risks and
uncertainties, including, without limitation, the financial
strength of the interactive entertainment industry, dependence on
new product introductions and the ability to maintain the
scheduling of such introductions, the current console platform
transition and other technological changes, dependence on major
platform manufacturers and other risks more fully described under
"Item 1. Business - Risk Factors" in the Company�s Annual Report on
Form 10-K for the year ended December 31, 2007, and in more recent
filings made by the Company with the Securities and Exchange
Commission. Each forward-looking statement, including, without
limitation, financial guidance, speaks only as of the date on which
it is made, and Midway undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which it is made or to reflect the occurrence of
anticipated or unanticipated events or circumstances, except as
required by law.
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