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Midway Files for Bankruptcy Protection
Categories: Morning Email
Down but not out, Midway Games filed for Chapter 11 protection which allows them to re-organize and gives them some breathing room from their creditors. The filing follows the successful release of its game Mortal Kombat vs. DC Universe, which sold about 2 million copies.
Why Down but not Out? That's because it's a Chapter 11 and creditors know that they will get pennies to the dollar if they force a Chapter 7 liquidation. The company is worth more to them alive and kicking (or at least crawling painfully). So I'm sure we shall see more games out of Midway yet.
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