Midway kaput?

Game Industry site Gamasutra is reporting that Mortal Kombat developer Midway may be going bankrupt. They have reportedly hired an investment adviser to help them from defaulting on a potential $240 million in debt. The site also reports that other press suggests that Midway currently only has $10 million in cash reserves and is in danger of collapsing within 50 days unless a miracle happens.

I liked their most recent release, Mortal Kombat vs. DC, but I don't think that it or any of the other games they have out on the market right now will be a big enough success to dig the company out of the hole it's in. Seems like it may be curtains for them. Fortunately, I think Mortal Kombat is a successful enough franchise that another company may buy the rights to it.