Things are looking grim for the company that once gave us Gorf, Arch Rivals and Spyhunter. The Chicago Tribune reports that Midway may default on its staggering $240 million debt, and that according to an SEC filing the one-time arcade dynamo has just 50 days to get $150 million of this back into the hands of creditors. It's money, unfortunately, that Midway just doesn't have.

The Mortal Kombat publisher has enlisted the council of financial advisory firm Lazard, though time is short and money even shorter. The urgency stems from the company's recent change in majority ownership, which allows bondholders to demand full repayment on their investments. However, with Variety reporting just a smidge over $10 million in Midway's coffers, that leaves an awful lot of candy bars to sell over the next month and a half if the company is to keep from filing bankruptcy (let alone being ripped to shreds by investors pounding on the front door).

This article was originally published on Joystiq.