Midway Files for Chapter 11

February 12, 2009 -

Financially-troubled Midway Games has filed for Chapter 11 bankruptcy protection.

A Midway press release announced the move, which applies only to the company's U.S. operations. Despite the bankruptcy filing, CEO Matt Booty remains optimistic:

This was a difficult but necessary decision... this filing will relieve the immediate pressure from our creditors and provide us time for an orderly exploration of our strategic alternatives...

Midway enters this process with strong underlying fundamentals, as evidenced by solid fourth quarter sales that exceeded expectations in spite of a challenging retail and general economic environment. 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.

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Comments

Re: Midway Files for Chapter 11

Submitted by TheBird on Thu, 02/12/2009 - 22:19.

i cant imagine how nobody has said this yet but...

FATALITY!

-The Bird

Re: Midway Files for Chapter 11

Submitted by DavCube on Thu, 02/12/2009 - 18:48.

I say it's about time. Though, some people from back in the day before the ESRB are doing a TINY little victory jig right about now.

Re: Midway Files for Chapter 11

Submitted by Parallax Abstraction on Thu, 02/12/2009 - 16:08.

Midway's been in a bad way for years. They haven't turned a profit in like 6 years and have released pretty much nothing but bombs for a long time now (though funny enough, MK vs. DC has apparently done like 1.5 million.) Unfortunately, they kept the lousy leadership team that led them here for far too long and now they're here. At least they're trying to reorganize. I hope they come out of this well because we need more publisher competition, not less.

Parallax Abstraction
Ottawa, Ontario, Canada
blog.digital-lifeline.ca

Parallax Abstraction
Ottawa, Ontario, Canada

Re: Midway Files for Chapter 11

Submitted by M. Carusi on Thu, 02/12/2009 - 14:48.

Urgh. Another victim of this economic climate. It's a shame.

M. Carusi

Capitol Gaming

http://capitolgaming.blogspot.com

Re: Midway Files for Chapter 11

Submitted by ZippyDSMlee on Thu, 02/12/2009 - 15:42.

They were in trouble befor then....

Gore,Violence,Sexauilty,Fear,Emotion these are but modes of transportation of story and thought, to take them from society you create a society of children and nannys, since adults are not required.

http://zippydsmlee.wordpress.com

---

http://zippydsm.deviantart.com/

Re: Midway Files for Chapter 11

Submitted by SeanB on Thu, 02/12/2009 - 14:37.

Isn't this the company that was just bought for 100,000 dollars?

Re: Midway Files for Chapter 11

Submitted by E. Zachary Knight on Thu, 02/12/2009 - 15:04.

That's the one.

E. Zachary Knight
Oklahoma City Chapter of the ECA
http://www.theeca.com/chapters_oklahoma

E. Zachary Knight
Divine Knight Gaming
OK Game Devs
Random Tower

Re: Midway Files for Chapter 11

Submitted by HarmlessBunny on Thu, 02/12/2009 - 14:05.

Sadly everyone saw this a mile away... No surprise what so ever.

Re: Midway Files for Chapter 11

Submitted by JustChris on Thu, 02/12/2009 - 18:05.

My town's dying gasp of big game developers :-(

Is game code just a natural resource that can only be found in big quantities in the West Coast? Is that why the rest of the nation has bad luck for game development?

GameSnooper

Re: Midway Files for Chapter 11

Submitted by E. Zachary Knight on Fri, 02/13/2009 - 10:18.

No game developers are a resource that seems to only be found on the West Coast. Sure some migrate out, but most simply flock together.

E. Zachary Knight
Oklahoma City Chapter of the ECA
http://www.theeca.com/chapters_oklahoma

E. Zachary Knight
Divine Knight Gaming
OK Game Devs
Random Tower

Re: Midway Files for Chapter 11

Submitted by JC on Thu, 02/12/2009 - 15:40.

Not really, everyone was expecting Midway to be liquidated.... this isn't the case though, they still want to live and thrive which is why they are filing under chapter 11 instead of 7.

Re: Midway Files for Chapter 11

Submitted by ZippyDSMlee on Thu, 02/12/2009 - 14:16.

I bet no one forsaw S/E offerign 84B for Edios!

Gore,Violence,Sexauilty,Fear,Emotion these are but modes of transportation of story and thought, to take them from society you create a society of children and nannys, since adults are not required.

http://zippydsmlee.wordpress.com

---

http://zippydsm.deviantart.com/

Re: Midway Files for Chapter 11

Submitted by ZippyDSMlee on Thu, 02/12/2009 - 13:59.

Oh noooowwwwwww your doing dev closeings *rolls eyes*

Oh wait thier not closing....

This is a sign of things to come as cost of development will hurt the indutry bit by bit.

Anyway How bad is MK/DC? Did they even try to polish the controls any?

Gore,Violence,Sexauilty,Fear,Emotion these are but modes of transportation of story and thought, to take them from society you create a society of children and nannys, since adults are not required.

http://zippydsmlee.wordpress.com

---

http://zippydsm.deviantart.com/

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