Midway Games has filed for Chapter 11 bankruptcy.
A recent "change in ownership triggered accelerated repurchase obligations relating to two classes of Midway debt, which Midway anticipated it would be unable to satisfy," the company said Thursday in a statement. In December, Midway announced that investor Sumner Redstone sold an 87 percent stake in the company to Mark Thomas in exchange for $100,000 and the assumption of $70 million in debt.
"This was a difficult but necessary decision," Midway CEO Matt Booty said in a statement of the bankruptcy filing. "We have been focused … Read more