Sumner Redstone's family holding company, National Amusements Inc. is sitting on a trove of cash and near-term liquid assets of around $500 million after its latest deal to exit Midway Games Inc., but the company isn't out of the woods yet, according to a story in the Wall Street Journal.

The story, by Merissa Marr, says a deal to restructure the company's debt isn't likely to be completed this year, as parties debate which assets National Amusements must sell to reduce its towering debt. Redstone has said he does not want to sell stock in Viacom Inc. or CBS Corp., the media companies he controls.

Discussion currently centers of the sale of some of the Redstone family's movie theaters and a stake in WMS Industries Inc., which sells slot machines, the story says.

WSJ Online subscribers may read the full story here.