Midway files for Chapter 11 bankruptcy

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Midway files for Chapter 11 bankruptcy
Topic Started: Feb 16 2009, 04:28 AM (235 Views)
Jester	Feb 16 2009, 04:28 AM Post #1
Web Developer Posts: 357 Group: Admins Member #9 Joined: May 12, 2008 What is your favorite type of game? PC / Console Games	Midway files for Chapter 11 bankruptcy By Andrew Webster \| ArsTechnica Things just keep getting worse for Midway. Not long after some massive layoffs and being sold for a shocking $100,000, the publisher has filed for Chapter 11 bankruptcy protection. While this may seem like a bad thing on the surface, Midway is hoping that filing for bankruptcy will allow it to sort out its operations in order to get back on track. "This was a difficult but necessary decision,” President and CEO Matt Booty said. “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.” The decision will only effect the US arms of Midway, as all overseas operations will continue with business as usual. The company is hoping to get approval for a First Day Motions, which will allow it to continue operations despite the filing. Booty remains hopeful, citing the success of some recent releases. “Overall, Mortal Kombat vs. DC Universe sales are approaching two million units shipped, TNA iMPACT! has shipped approximately one million units, and our Game Party franchise has sold close to three million units in total.” Still, with little else on the horizon, the future doesn't look so bright for the troubled publisher/developer.
	"How should I know if it works? That's what beta testers are for. I only coded it." -Linux Torvalds


8xid_x	Feb 17 2009, 03:58 PM Post #2
Owner / Clan Master Posts: 3,430 Group: Admins Member #1 Joined: May 9, 2008 What is your favorite type of game? Pen / Paper RPG	Delayed Response.... GOOD! I hate Midway. I feel like they are the worst thing to happen to MK. I think they did the original (which was good) Accliam improved the series... Williams Entertainment standardized it... Midway bought it back and sent it back to the stone age. While MK vs DC is a fun novelty it just doesn't have the hurump that I really need to make me want to play a fighter again. I'll stick with Tekken (getting old) and SFIV (Super Excited about.) I'm very glad Midway won't have any input on the next Unreal Tournament. While I like UT3 - I don't LOVE it. I spend more time with 2K4 than any other one in the series. Well... maybe classic, but that's only because I can use the editor decently enough.



thedixman2000	Feb 17 2009, 06:20 PM Post #3
Obsessed Posts: 1,781 Group: Members Member #3 Joined: May 11, 2008	My plan is to gain control of Midway by this time next year. Given the way things have gone for them thus far, I think that by Halloween I could trade a TI-82 for it.
	Hey, what's with the silent treatment? Ellipses are for suckers! Talk to me!


8xid_x	Feb 17 2009, 07:14 PM Post #4
Owner / Clan Master Posts: 3,430 Group: Admins Member #1 Joined: May 9, 2008 What is your favorite type of game? Pen / Paper RPG	Agreed. I will throw in $5.00... I would own 1/2 the company.



i8nemo	Feb 18 2009, 12:20 AM Post #5
Hooked Posts: 200 Group: Members Member #16 Joined: Jun 10, 2008 What is your favorite type of game? Pen / Paper RPG	Heck, I'd throw in $20 just so we could split the stocks and say we own a piece of infamous history.



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