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Report: Midway Bonuses Draw Flak From Feds
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Posted by Donster on: 2009-03-31 17:55:06 304
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Variety says Official Committee of Unsecured Creditors and the United States Trustee call bankruptcy milestone payouts "outrageous."
By Tom Magrino, GameSpot
If there's one thing that Midway Games doesn't need right now, it's more problems. Unfortunately, that's apparently just what the publisher has gotten, as Variety reports this week that the Official Committee of Unsecured Creditors (OCUC) and the United States Trustee have each taken exception with the publisher's proposed key employee incentive payments plan (KEIP). The plan, which was uncovered at the beginning of March, stems from Midway's descent into Chapter 11 bankruptcy, after its creditors called in outstanding debts of $240 million in February.
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