Glu Mobile (NSDQ: GLUU) has restructured the payments it must pay for the acquisition of MIG, a Chinese game company, by converting the entire $25 million to cash payments, rather than a mix of cash and stock, and deferring $11 million of the payments to 2010. Although the company doesn’t have a ton of cash, it was clearly in a bind since its equity isn’t worth much either. At 39 cents a share, the company’s entire value totals $11.5 million — hardly making it a valuable currency to pay off a debt. At the end of the year, Glu expected to have $17 million in cash, not counting an $8 million credit facility. However, it needed to pay $25 million in cash and stock to the MIG shareholders with the first installment due in the first half of 2009. To help, the company is working to reduce expenses by 19 percent, which includes cutting the CEO’s pay.
In the deal announced today, Glu said it also received a new credit facility that extends the company