News Brief
Midway Games Files Bankruptcy
Feb 16, 2009, 8:00 AM
Midway Games has filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware.
The filing does not include the company's non-U.S. operations, which will continue business as usual. Midway Chairman, President and CEO Matt Booty called the move in a prepared statement "a difficult but necessary decision."
The Chicago-based video game company has been battling poor financial results and a massive debt. In the filing, Midway cited that the Nov. 28, 2008 change in ownership triggered accelerated repurchase obligations related to two classes of Midway debt, which company executives anticipated they would not be able to satisfy. Midway expects that Chapter 11 protection will enable the company to conduct its business operations as usual.--Laurie Sullivan
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