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Midway Files For Bankruptcy

02/12/2009 :: Posted at 12:59 PM by Pink_Ranger

The struggling video game publisher Midway filed for Chapter 11 bankruptcy this morning Kotaku reports.

"This was a difficult but necessary decision," said Midway Chairman, President and CEO Matt Booty. "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."

Filing for Chapter 11 is not an immediate liquidation of assets, but allows Midway to continue operating for the time being.

We'll keep you updated on this story as more information becomes available. To read the story as it was published click here.

Our thanks to forum user ShingoEX for the lead on this story.

     
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