Midway files for bankruptcy protection

We sure saw this one coming down the line. Today Midway and its United States subsidiaries have filed for Chapter 11 bankruptcy protection. Midway stated in its Bankruptcy Court filings that it would be unable to pay its debts due to the accelerated repurchase obligations brought on by the change in ownership that took place in late November of 2008. It’s not over for Midway yet as it is seeking approval from the court to able to carry on business as usual. Midway CEO Matt Booty remains confident in Midway after fourth quarter sales of Mortal Kombat vs. DC Universe, TNA iMPACT! and titles in the Game Party franchise all sold over 1 million units.