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Midway has filed for Chapter 11 Bankruptcy, in spite of recently
renegotiating some of its debt load. Word is: "The company listed assets of
$167.5 million and debt of $281 million as of Sept. 30 in Chapter 11 documents
filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Nine affiliates
also will seek protection, according to court papers." The report outlines the
nature of the debt: "The 30 largest consolidated creditors without collateral
backing their claims are owed a total of $256.2 million, court papers show.
Wells Fargo Bank NA, as indenture trustee for noteholders, is listed as the
largest unsecured creditor. The amount due under the notes is $150 million,
according to court papers."
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