Midway Games files for bankruptcy

On Thursday, Midway Games filed for a chapter 11 bankruptcy, which means it will still plans to stay in operations and not liquidate its stock, to ward off creditors. The company is unlikely to pay off the $281 million debt it has occurred over the years. The filing came the same day Square Enix Co., a company based in Tokyo, Japan, known for Final Fantasy, offered to buy Britain's Eidos Interactive, possibly influencing the company to file.

Midway Games has been looking for a buyer for the company but has yet to find any purchaser, and will be allowed to file for a chapter 11. Midway joins a growing number of video game companies feeling the pinch of the recession, while being a once popular video game brand name. The company is known for popular arcade and console games like Mortal Kombat, Doom 64, NHL Hitz, San Francisco Rush, Game Party, TNA iMPACT and many others.

Report a problem with article
Previous Story

I'll take a Java to go please

Next Story

Microsoft offers $250,000 reward for info on Conficker

17 Comments

Commenting is disabled on this article.

Hrmm, that's too bad I suppose. They were great a few years back. But I haven't seen anything great from them since. I remember playing San Fransisco Rush for hours on end on the N64.

The MK series was primarily console-oriented (and only the first four were on PC, and all were console ports, and Midway only *published* the last two of those). The first two were ported by Probe Entertainment (who would later become known for Forsaken), who would later be purchased by, and be taken into Chapter 7 with, Acclaim Entertainment. What wrecked Midway was the spinoff of their coin-operated games division (now pretty much dead) and their gaming division (slot machines, which is still profitable), forcing the rest of the company to sink or swim on its own.

They've really not made many interesting games in the last few years, so I'm not surprised. I remember when they use to be one of THE gaming companies... not so much these days