Midway Games files for bankruptcy in the U.S.
By Steven Perdikis - Fri Feb 13, 2009 12:00pm
| Midway Games have announced that the company and its American subsidiaries have filed for "Chapter 11 Reorganisation" - effectively stating that the company is Bankrupt in the U.S. Operations by Midway outside of the U.S. will continue as normal. Late last year, a majority stake in company was snapped up for US$100,000 with debts estimated to be valued at US$70 million. The company anticipates that its restructuring will allow the business to survive the bankruptcy filing and financial struggles. Matt Booty, CEO, Chairmam and President of Midway Games had the following to say regarding the bankruptcy claim: This was a difficult but necessary decision. 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.Midway's recent titles have failed to be a critical success, which could indicate that future financial issues could follow. Midway are set to release The Wheelman in the near future. We will keep you updated as we learn more about Midway's situation. | ) | |
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