Fatality incoming: Midway files for bankruptcy
Chicago-based Midway today filed for bankrupty following several months of ominous news.
Midway will reorganize under Chapter 11 protection with current CEO Matt Booty at the helm. Booty said: “Midway enters this process with strong underlying fundamentals, as evidenced by solid fourth quarter sales that exceeded expectations in spite of a challenging retail and general economic environment.”
If you recall, the bankruptcy countdown began when Sumner Redstone sold his controlling stake in the publisher for $100,000. That created a situation whereby bondholders could request repayment on their $150 million investment within 50 days.
Layoffs and game cancellations followed.
All told, Midway is on the hook for $240 million, with no way to repay. We’ll see what happens to some of its valuable IPs from here on out; let’s hope that Mortal Kombat fatalities can make a comeback on a console near you at some point in the future.
Read: Midway Files for Bankruptcy
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