Best known for their game, Mortal Kombat, it seems that Midway got the bad end of the “Finish Him” tagline.
Faced with around $240 million in debt, Midway corporation has recently filed for Chapter 11.
The report at gamespot said that
After months of slowly twisting in the financial wind, Midway Games has finally filed for bankruptcy. The Chicago-based publisher today submitted a petition in a federal bankruptcy court in Delaware to seek protection under Chapter 11 of the US Bankruptcy Code. The company blamed the move on last November’s “change in ownership,” when then-majority stockholder Sumner Redstone sold off his 87 percent stake in the company–valued at $30 million–for $100,000.
“This was a difficult but necessary decision,” Midway chairman, president, and CEO Matt Booty said in a statement. “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. This Chapter 11 filing is the next logical step in an ongoing process to address our capital structure.”
Via Gamespot
