Midway Files For Bankruptcy

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Midway Files For Bankruptcy

Posted at 02/12/2009 12:59 PM EST 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 for the lead on this story.

submitted 03/17/2009 03:15 PM (UTC)by

Pink_Ranger

@Pink_Ranger

Member Since

02/09/2003 08:28 PM (UTC)

Bezou

@Bezou

About Me

•02/12/2009 06:03 PM (UTC) •

I knew MK vs DC was a bad idea, but I had no idea that it was enough to destroy the company.

davemk5955

@davemk5955

•02/12/2009 06:17 PM (UTC) •

oh dear :(

ErmaSco

@ErmaSco

•02/12/2009 06:44 PM (UTC) •

Is it ok to say goodbuy to the MK team now ?

Ninja_Mime

@Ninja_Mime

About Me

•02/12/2009 06:51 PM (UTC) •

Ha.

ErmaSco Wrote:
Is it ok to say goodbuy to the MK team now ?

Midway, not the MK team. MK will be picked up by another company.

ErmaSco

@ErmaSco

•02/12/2009 06:58 PM (UTC) •

Ninja_Mime Wrote:
Ha.

ErmaSco Wrote:
Is it ok to say goodbuy to the MK team now ?

Midway, not the MK team. MK will be picked up by another company.

Well Midway deserved this .To be honest I dont care about Midway without the MK team .

PS: chapter 11 doesnt mean that they are going to stop or fall .It means that they need help from the court and they have plans to continue operating .

Well I hope MK team survive this

kuczy

@kuczy

•02/12/2009 06:59 PM (UTC) •

Good luck Midway. Maybe MK getting picked up by someone else is just what MK needs.

ErmaSco

@ErmaSco

•02/12/2009 07:07 PM (UTC) •

kuczy Wrote:
Good luck Midway. Maybe MK getting picked up by someone else is just what MK needs.

I dont think that will happen ,giving that the current gameing industry is getting injured really bad .
If midway did not survive this then we will not see MK for very very long time or wont see it forever .

Well best luck to MK team members ....all of them .

WarriorPrincess

@WarriorPrincess

•02/12/2009 07:26 PM (UTC) •

This was inevitable. Best of luck to the MK team. Hope you
guys get picked up by a bigger, better, financially stable comp.

DeathScepter

@DeathScepter

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Save a life; Kill a necromorph

•02/12/2009 07:36 PM (UTC) •

The Only thing that keep Midway afloat was Mortal Kombat. Even the Diehard fans can't buy all of the copies of Mk to save Midway's ass.

Sad for now but long term it is for the best for everyone including MK.

ErmaSco

@ErmaSco

•02/12/2009 07:42 PM (UTC) •

You people must get that MK wont be the same without its team

Just look ate other games series for example Crash band .

Trini_Bwoi

@Trini_Bwoi

About Me

•02/12/2009 08:29 PM (UTC) •

Everyone, go read what Chapter 11 is before jumping to conclusions. Midway can go on as usual under Chapter 11 protection. Filing for Chapter 11 is for reorganizing your company, not liquidating. Once Midway's file for Chapter 11 bankruptcy goes through, all creditors have to stop asking Midway to repay their debts. Midway can also come out of Chapter 11 protection at any time.

So, basically, it's a cheap way to temporarily get out of paying the money you owe while getting your company back on it's feet. This may actually be a good thing. People, let's not forget, MARVEL COMICS filed for Chapter 11 bankruptcy in 1996! And, look at the state of Marvel today, you would never know they did file.

WingsOfRedemption

@WingsOfRedemption

•02/12/2009 08:38 PM (UTC) •

Midway doesnt do anything cool anymore anyway.

ErmaSco

@ErmaSco

•02/12/2009 08:39 PM (UTC) •

Trini_Bwoi Wrote:
Everyone, go read what Chapter 11 is before jumping to conclusions. Midway can go on as usual under Chapter 11 protection. Filing for Chapter 11 is for reorganizing your company, not liquidating. Once Midway's file for Chapter 11 bankruptcy goes through, all creditors have to stop asking Midway to repay their debts. Midway can also come out of Chapter 11 protection at any time.

So, basically, it's a cheap way to temporarily get out of paying the money you owe while getting your company back on it's feet. This may actually be a good thing. People, let's not forget, MARVEL COMICS filed for Chapter 11 bankruptcy in 1996! And, look at the state of Marvel today, you would never know they did file.

I said that .Still given that USA is facing a very bad ecnomic conditions .Wont ti be hard to get the approval from the court or does that have nothing to do with the cureent economic condition ?

By the way I think Midway has enough cash to repay the debt but not enough to develope games after that .
again best luck ther realy need it .And Matt Booty you are so full of surprises .

Ninjakata

@Ninjakata

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Life is a journey. Enjoy it.

•02/12/2009 08:56 PM (UTC) •

Better a chapter 11 reorganization than a chapter 7 liquidation. I hope that they can make a comeback somehow. Midway is going to have to profit like mad from here on out. Just gonna wait and see what happens thou. If Midway falls hopefully a worthy company will pick up and continue the MK franchise.

sonicherosfan1

@sonicherosfan1

•02/12/2009 09:35 PM (UTC) •

I don't really care about Midway in a whole,only thing that I care about that Midway has is the MK franchise.I don't think Midway should get out of repaying their debt to who they owe it to.

mkdfan

@mkdfan

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•02/12/2009 09:53 PM (UTC) •

I'd be really intrigued to see how another company would make MK,
I dont really know if this is good or bad news, I guess we can wait and see.

m0s3pH

@m0s3pH

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Mortal Kombat Online - Community Manager

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Signature and avatar by ThePredator151

•02/12/2009 10:14 PM (UTC) •

I blame the discontinuation of the NHL Hitz series as well as the pile that is MKvDC.

Rickford

@Rickford

About Me

Hello!

•02/12/2009 10:21 PM (UTC) •

If its that bad, then I guess its up to the fans to do what they can.

Deathbearer

@Deathbearer

•02/12/2009 10:47 PM (UTC) •

Sucks to be Midway.

MK vs DC may be the last MK game ever...and if it is I'd have to buy it then to have the last MK made...fuck..MK team, please don't disappear if Midway goes under!!

fedegita

@fedegita

•02/12/2009 10:53 PM (UTC) •

ugh the suspense is killing me. Liquidate already!!

@Riyakou

•02/12/2009 11:04 PM (UTC) •

JayboH

@JayboH

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Batman SUX!
Master the Internet!

•02/12/2009 11:39 PM (UTC) •

No one ever reads anything anymore.

THIS DOES NOT MEAN ANYTHING. It does NOT necessarily mean anything will happen to the continuation of the MK franchise, which will still be published by Midway.

We get all the lurking idiots jumping in saying HA! no gore! stupid heroes! this shows you! etc etc etc.

Seriously, please understand what is really going on and what Chapter 11 even means before ripping open that can of immaturity you have been sitting on.

No really. Get the facts straight first.

mkflegend

@mkflegend

•02/12/2009 11:50 PM (UTC) •

Bezou Wrote:
I knew MK vs DC was a bad idea, but I had no idea that it was enough to destroy the company.

MKDC had nothing to do with it, it's near the 2 mil mark. That's a good thing. But Midway is at fault people, NOT the MK team...

Midway was in debt long before MKDC keep in mind. MKDC if anything was a good thing and the best thing Midway has/had in quite a while....

I read more about this update, apparently tons of companies have filed for this and survived.

Times are tough especially now economically but I think Midway will keep fighting for a while....if not MK team will go elsewhere, this isn't the last of MK. I'll bet anything on that....

Concerning some other Midway games...Hitz was good but not great, sadly the game was a joke compared to NHL games honestly. Screw that, they need to make a Psi Ops 2....besides MK.

Deathbearer

@Deathbearer

•02/12/2009 11:53 PM (UTC) •

Psi Ops 2 would be awesome.

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