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Bankruptcy has been on the lips of everyone following Midway’s decline, especially when controlling shares were sold off by Sumner Redstone for just $100,000. Inevitably, Midway Chairman, President, and CEO Matt Booty has announced that the company has filed for Chapter 11 bankruptcy. Under Chapter 11, Midway will be able to keep the creditor hounds at bay and restructure their company in order to become profitable again. After all, Midway had wonderful holiday sales which saw Mortal Kombat vs. DC Universe ship two million units.
CEO Matt Booty had this to say on the subject: “This was a difficult but necessary decision. We have been focused on realigning our operations and improving our execution, and this filing will relieve the immediate pressure from our creditors and provide us time for an orderly exploration of our strategic alternatives. This Chapter 11 filing is the next logical step in an ongoing process to address our capital structure.” |
