Midway Games files for Chapter 11
February 13th, 2009 Leave a comment Visited 31 times, 4 so far today
Midway Games files for Chapter 11
Midway Games announced that they have filed for Chapter 11 bankruptcy protection.
The company said that they would not be able to pay back accelerated debt obligations.
Midway has around $281 million in debt and just $167.5 million in assets.
The company suffered due to selling of stake from Sumner Redstone.
Redstone sold his majority stake in the company to a company led by private investor Mark Thomas.
Midway Chief Executive and President Matt Booty spoke about the new developments: “We have been focused on realigning our operations and improving our execution, and this filing will relieve the immediate pressure from our creditors and provide us time for an orderly exploration of our strategic alternatives.”
The company is most popularly known for their Mortal Kombat franchise.
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