After taking one hit after another, video game developer and publisher Midway could use some good news.

Midway announced today that it has negotiated a one-month extension to pay back its shareholders. The company will now have until February 19 to pay off the $75 million debt.

Midway is also talking to the other shareholders to try and draw up a similar agreement.

Although the waiver is likely a welcome reprieve for a company that’s been besieged by problems, the company seems to be desperately swimming against inevitability. Midway is probably hoping that its upcoming releases, This is Vegas and Wheelman, will help generate some much-needed revenue. But, with the company in constant crisis-alert, along with the fact that its previous big release, Mortal Kombat vs. DC Universe, got somewhat lost in the holiday rush, Midway seems to be on its last legs.

Midway may have made some costly mistakes in the past few years, but as the company behind Mortal Kombat, it still commands a certain nostalgia factor among gamers. Here’s hoping that Midway will be able to drag itself through the dregs with some quality titles (or the promise of quality titles to come), and that if it does, it won’t have already become a shell of a company.