Looks like even the heroes of "Mortal Kombat VS DC Universe" can't even save Midway now. The company that made such games as Mortal Kombat and Spy Hunter, is massively in debt. This morning, the publisher issued a filing with the Securities and Exchange Commission that they are an incredible $240 USD in debt. How bad is that? Well, considering how their total assets at the end of September were $167.5 million USD (including property), that means that they are $72.5 million USD in debt.
 
How did Midway ever get in such a horrible financial state? Well, here's a break down: $150 million from various note holders, and $90 million from the company's former shareholder, National Amusements. National Amusements is owned by Summer Redstone, and as a result of the horrible economic situation he was forced to sell his $30 million dollar stake in the company for a mere $100,000 to financial buyer Mark Thomas. Midway's debtors may call in the company's debt if they so please due to their ownership change. Midway has indeed received notices from these people that they want their money back. According to the $150 million dollar loan, Midway has 20 days to send debt holders notices of the interest changes. The debtor companies could then decide make Midway pay 100 percent of their debts back in 30 days if they so please. So, in a nutshell Midways has 50 days to come up with $150 million dollars. By January 23rd, Midway could have to pay nearly twice of what they lost in their quarterly report in November (approximately $73.5 million.) If Midway doesn't pay this off, it could cause National Amusements to call their $90 million that they loaned to Midway. Based on what Midway has, there is no way that they would be able to pay off both loans.
 
"I can't really comment other than to say that we are pushing forward," a senior rep told Gamespot. Meanwhile, Midway is sticking to their release schedule through the first quarter of 2009.
 
More on Midway games can be found at midway.com.