Mortal Kombat publisher Midway misses deadline, files for bankruptcy
I doubt the government will intervene with this one. Midway Games, the publisher of the Mortal Kombat series, has run out of time to pay back its US$ 150 million debt to its bond owners. As a last ditch effort to reorganize, the company has filed for a Chapter 11 bankruptcy.
You know, I still remember the time when I thought getting to Chapter 11 meant just moving your bookmark.
That’s how you hit the fan.
I doubt the government will intervene with this one. Midway Games, the publisher of the Mortal Kombat series, has run out of time to pay back its US$ 150 million debt to its bond owners. As a last ditch effort to reorganize, the company has filed for a Chapter 11 bankruptcy.
You know, I still remember the time when I thought getting to Chapter 11 meant just moving your bookmark. In case the economy hasn’t educated you on the term yet, filing a Chapter 11 means a business is asking for government protection against its debtors as it tries to get its act together.
Though Midway was able to buy time for itself yet again, if it can’t pay back its 9-digit debt by February 19, it will owe Redstone’s National Amusements Inc. an additional US$ 90 million, totaling its debt to US$ 240 million.
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- Mortal Kombat vs. DC Universe ships 1.8 million, new MK game in development
- Circuit City files for bankruptcy, seeks Chapter 11 protection
Via Gamasutra
