hile we can’t say that things have turned around for struggling Midway Games, it is worth noting that they have been given a brief respite in their financial fight to stay above water. In December Midway was warned that they had only 50 days to garner $150 million and put it back in the pockets of investors. With that time almost up, things are looking grim for Midway.

However, via Business Week we just learned that Midway Games Inc. received a stay of execution on Monday night, allowing them to fend-off the holders of its $75 million convertible senior notes a bit longer. The new date for collection is set on February 19.

For now Midway has earned a brief breather, although the deal only addresses $75 million of their sizable debt. Business Week states that Midway is also in the process of negotiating an extension with the holders of their remaining convertible notes.

In order to cut costs, in December Midway filed that they would be cutting 180 jobs, closing their Austin studio and cutting the development of select games. One would hope that their most touted pending game release – This is Vegas – will help to pull the publisher out of hot water. The Wheelman, another upcoming Midway title, releases just before the new due date. Sadly, we can’t imagine retail sales will touch a fraction of Midways mounting debt.