Midway Games files for bankruptcy
{ Posted on Feb 13 2009 by Zac Bissonnette }
Filed under: Bad news
Midway Games (NYSE: MWY) has filed for Chapter 11 bankruptcy protection.The video game company has been battling a massive debt load and poor financial results for the better part of a decade, but what finally sealed the company's fate was Sumner Redstone's sale of his 87% stake in the company to investor Mark Thomas. That change-in-control triggered a clause allowing noteholders to call the company's loans -- which the company expects they will.
"This was a difficult but necessary decision," CEO Matt Booty said in a press release. "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."
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Midway Games files for bankruptcy originally appeared on BloggingStocks on Fri, 13 Feb 2009 08:40:00 EST. Please see our terms for use of feeds.
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