TweakTown
Tech content trusted by users in North America and around the world
5,683 Reviews & Articles | 36,171 News Posts
Weekly Giveaway: Fractal Design Arc Cases Contest (Global Entry!)

Midway Games Files Bankrupcy

Midway Goes Bankrupt

| Posted: Feb 16, 2009 2:36 am

Game Publisher Midway games has filed bankupcy under Chapter 11 according to Register Hardware. Most of you will remember Midway brought us the landmark titles "Spy Hunter, NBA Jam, and of course, Mortal Kombat.

 

Midway's debt became overburdening in December when majority shareholder Sumber Redstone sold his 87.2% stake in the company. The change in ownership caused repayment clauses to kick in allowing creditors to request more than $150 million in outstanding notes that weren't due until 2025.

 

Midway Games

 


The events surrounding Midway's crippling debt has spurred a group of the company's bondholders on Friday to file an objection to the bankruptcy. Filed in Delaware court, the complaint claims Midway's plea for relief is "tainted by highly unusual transactions" from Midway insiders which, "to put it charitably, require significant scrutiny."

 

Related Tags

Further Reading: Read and find more news at our news index page.

Do you get our news RSS feed? Get It!

Post a Comment about this news

Latest Tech News Posts

View More News Posts

Latest Downloads

View More Latest Downloads

TweakTown Web Poll

Question: Did EA kill the Battlefield franchise with the terrible BF4 issues?

Yes, Battlefield is doomed

No, Battlefield will live on strong

I'm not sure, but I know EA needs to improve its game

or View the Results

View More Polls

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases
Get TweakTown updates via Facebook!
Just click the "Like" button below