Midway sold for $0.0012 per share

By Patrick Garratt

According to this Reuters report, quoting the Wall Street Journal, Sumner Redstone has sold his 87 percent share in Midway to investor Mark Thomas for $100,000, or $0.0012 a share.

Thomas will assume $70 million of senior secured and unsecured debt.

The sale amounts to a significant loss on Redstone’s investment but secures a hefty tax benefit as he negotiates other asset sales, the paper said.

Redstone has made the move to ease debt on his firm, National Amusements, which has about $1.6 billion in debt outstanding. Half of that will need to be repaid by year-end.

Blimey. More through the link.