Midway Files for Bankruptcy

February 13, 2009

Financially ailing publisher Midway has filed for Chapter 11 bankruptcy protection in the US, citing an inability to repay its $150 million debt potentially due next week.

The company hopes to organize and conduct its business as usual. CEO Matt Booty noted that the company’s “solid fourth quarter sales… exceeded expectations in spite of a challenging retail and general economic environment” shows that there is still some fight left in them.

"This filing will relieve the immediate pressure from our creditors and provide us time for an orderly exploration of our strategic alternatives," he explained.

Written by Rajiv Ashrafi Posted in Industry Tagged with midway