Midway has filed for Chapter 11 bankruptcy today, but, see, it's
okay, because it's
all part of the plan. Newly appointed CEO,
Matt Booty, says filing for Chapter 11 was "a difficult but necessary decision." He also noted Midway has been "focused on realigning our operations and improving our execution" and that filing for Chapter 11 will allow the company some relief from "immediate pressure from our creditors." To Booty, Chapter 11 is nothing more than the "next logical step in an ongoing process to address our capital structure."
Midway expects to be able to run the company as usual, and even filed a variety of First Day Motions to that end. The court is usually lenient with these Motions and often grants them, so this should give Midway some time to finish up
that next Mortal Kombat game and maybe get out of the red.
{ Feb 12th 2009 at 11:45AM } 
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Reader Comments (Page 1 of 1)
ice~ @ Feb 12th 2009 11:50AM
Arrggg looks like midway is low on its Booty ye mates....This is making me hang a jib aye....
arharhar....haha? that was bad....
Cody @ Feb 12th 2009 12:58PM
Finish up that next Mortal Kombat game my ass!
"That next Mortal Kombat game" is the exact thinking that landed them right into chapter 11!!
MowDownJoe @ Feb 12th 2009 11:54AM
Wall Street wins!
FATALITY!
holmes @ Feb 12th 2009 12:14PM
uh, how exactly does this mean that wall street is winning?
Haggard @ Feb 12th 2009 12:38PM
Dozens of stockbrokers have been splattered against its mighty pavements.
Albanian_Killa @ Feb 12th 2009 5:28PM
I also wonder how Wall Street is winning? Wall Street, like Main Street, is losing. Companies are filing for bankruptcy. They're laying off workers. They're sizing down their businesses. CEOs are being forced to cut bonuses (yes, good for Main Street, bad for Wall Street).
Really, no one is winning. We're all losing, and we have to start winning, or we'll never get out of this (well, we will eventually, but there's ways to speed up the process).
Markez @ Feb 12th 2009 11:54AM
I don't know about everybody else, but seeing the 'until the next MK game' bit at the end just made me shudder.
David Hinkle @ Feb 12th 2009 12:37PM
They're making it ... WHETHER YOU WANT IT OR NOT!
Dr Jeckyl and Mr ESC. @ Feb 12th 2009 11:56AM
In b4 MK vs DC sucks (It didn't,blame Blacksite and theawful Spy hunter games)
mat parker @ Feb 12th 2009 12:04PM
"focused on realigning our operations and improving our execution"
Translation:
We're closing everything down
"immediate pressure from our creditors."
Translation:
They're threating us
"next logical step in an ongoing process to address our capital structure."
Translation:
Hey buddy can you spare a nickel?
xboxdruggie @ Feb 12th 2009 12:04PM
I really hope we get to see Wheelman!!
DBoyFlex @ Feb 12th 2009 12:08PM
Damn, video game companies are dropping like flies. How many more are gonna fall? The night is darkest just before dawn.
Rambeaux @ Feb 12th 2009 12:13PM
Midway's game quality in recent years has been steadily declining (sans the recent MK vs. DC, I can't name too many memorable Midway games within the past 5-10 years). Hopefully, an event like this will have a silver lining and force Midway to make better games - its survival literally depends on it now.
joshua @ Feb 12th 2009 1:58PM
I think it all started with Blitz the league. when the NFL drop the Blitz game thats when midway went down. not the MK series. Blitz was so much fun I still have the Blitz 99 arcade game. so by introducing a new league that no one care about ppl lost interest in the game it self. thanks to NFL midway is down..
The Dark Wayne @ Feb 12th 2009 12:24PM
I feel like I should make a joke about the Joker video there, but my heart's just not in it right now
samfish @ Feb 12th 2009 12:26PM
I'm looking over a list of all of Midway's franchises and games and...I'm not sure what they could do, really.
I guess if I were them, my first order of business would be:
• Release a new Mortal Kombat heavy on nostalgia...or shit, just re-make MK II.
• New NBA Jam on WiiWare/XBLA/PSN
• Maybe a new Crusin' USA that isn't a complete embarrassment?
I would personally enjoy a new Primal Rage, but I suspect I'm roundabouts the only one who would...
The Dark Wayne @ Feb 12th 2009 12:29PM
given the success of The Force Unleashed a new Psi Ops might not be a bad idea
Jack of No Trades 85 @ Feb 12th 2009 12:31PM
I vote for primal Rage as well........wa...wait? Did I just agree with samfish?
David Hinkle @ Feb 12th 2009 12:39PM
Actually, I liked Primal Rage, if only for scooping up cavepeople and eating them.
As for NBA Jam, it'd be my dream, but I doubt they could get the licensing. Next best solution: Bil Laimbeer's Combat Basketball remake.
jpw21683 @ Feb 12th 2009 1:41PM
Primal Rage was Atari. Midway had nothing to do with it.
So I doubt we'll ever see a new one.
tifosiotaku @ Feb 12th 2009 1:52PM
"Primal Rage was Atari. Midway had nothing to do with it.
So I doubt we'll ever see a new one."
Uh, Primal Rage is on the Midway Arcade Treasures 2 compilation...
ittybittygirl @ Feb 12th 2009 2:05PM
Midway owns the rights to Atari's original arcade division and their IPs.
finnith @ Feb 12th 2009 7:49PM
I swear to god Jack of No Trades used to be a troll some time back. As in, several months ago. I'm not really sure who this new guy is, but I remember seeing someone by a similar name posting here a while back.
Anam @ Feb 12th 2009 12:30PM
I'll assume that Scorpion represents the Mortal Kombat franchise and Kano represents 3D gaming, because that would be a correct analogy to my own feelings about it.
David Hinkle @ Feb 12th 2009 12:40PM
We can be pretty deep sometimes here at Joystiq.
Anam @ Feb 12th 2009 2:39PM
You work in a basement?
David Hinkle @ Feb 12th 2009 5:10PM
No, an oil tanker, below the equator.
ToRo @ Feb 12th 2009 12:51PM
Took em long enough.
jasonspaz @ Feb 12th 2009 12:58PM
I just hope Gauntlet and Mortal Kombat continue!
Balloonfighter99 @ Feb 12th 2009 1:02PM
I don't know how I feel about this. Sure it does suck for a big name company like Midway to flop but they really haven't been so innovative lately. Should companies be able to survive if they depend on 15 year old franchises that have long ago lost their originality? The business world is like the animal kingdom(survival of the fittest). You have to evovle with the times, offer some new ideas to the table. I think Midway should go back to the arcades and innovate there , well maybe not the arcades, but bars are in need of some new franchises.
ducttapeBigSexy @ Feb 12th 2009 1:08PM
My hopes for Stranglehold 2 keep dwindling more and more these days...
TheUpperEastside @ Feb 12th 2009 1:09PM
I feel bad for its employees but the company has been sucking for a while now. Ever since the greatness that was MK: Deadly Alliance the MK games have sucked.
This whole MD vs DC shit was a disaster of a game in my opinion. All that money spent on it should have gone towards another game.
Oh well the recession wins.
Dirty @ Feb 12th 2009 1:23PM
NBA Jam would be so awesome. Stupid lawyers. Maybe they can make WNBA Jam, so long and there was a scissoring mini game.
Or maybe just use a bunch of C list celebs, and call it VH1 Jam. I dont care, make it happen midway.
Dirty @ Feb 12th 2009 1:24PM
*This was intended as a reply to samfish
Markez @ Feb 12th 2009 1:36PM
I would be thrilled to play either of those. I would be thrilled to play any Jam game, so long as it's still basketball, I could care less about the NBA license at this point. The View Jam?
justinslot @ Feb 12th 2009 1:33PM
This Is Vegas shall save them!
....which I am morbidly curious about. I mean an open-world Vegas game is at least intriguing.
bearcall @ Feb 12th 2009 1:53PM
How about what everyone actually wants.... a new San Francisco rush that is made CORRECTLY and doesn't suck. They made one for like wii and it was so horrible and bad that they probably think there is no money in that franchise. But before that game came out I wanted to play it so bad and then I realized it was terrible.
If they actually made a GOOD one... like "Las Vegas Rush" or "New York Rush" or like... "Africa Rush" who even cares. If it had good graphics, and good racing, and wasn't based entirely around a lame-ass storyline like Need For Speed.... wow I would love to play that game seriously.
Batzarro @ Feb 12th 2009 2:16PM
AY! I think it won't be long now before Midway is bought out. Hopefully it won't be EA or Activision, though. They have too much of the industry in them.
Alistair loveless @ Feb 12th 2009 2:21PM
Midway is the new atari
PASS IT ON!
jynxycat @ Feb 12th 2009 2:32PM
Except Atari is still in business, sorta.
David Black @ Feb 12th 2009 3:13PM
Hopefully they can secure the necessary credit to make it through this as they have some really interesting unannounced projects that are in development... They may even be able to make it long term, as a leaner firm, if they can survive to release at least one of these titles...
Dave @ Feb 12th 2009 3:22PM
Finish him.
nes @ Feb 14th 2009 3:54PM
They need to release a new NHL Hitz! I'll buy two copies!
S.Azreal @ Feb 12th 2009 6:00PM
Maybe Square Enix can buy them too...
IcedOmega13 @ Feb 13th 2009 6:01PM
Was he reading from a script of the circuit city chapter 11 filling? That worked magically for them
Smokedaddy @ Feb 16th 2009 12:53AM
Midway, through some really amazingly boneheaded legal maneuvering, managed to lose the rights to the name "NBA Jam" to Acclaim several years ago when they had Acclaim do the console ports. I have no idea how they managed it, but that's why it's been NBA Shootout and Ballers and whatever else since. Even though Acclaim subsequently went bankrupt before the name was bought by Howard Marks and he started doing . . . well, whatever it is he's doing, Midway still can't use the name.
thratbag @ Mar 10th 2009 12:08AM
I know this is so old news but I just read about midways file for chapter11 and I had to comment... wow. This booty dude, seriously, what the hell did he ever do to deserve this promotion? I used to work for Midway. He completely sank the Gauntlet franchise and his bad decisions were the final dagger in Midway’s San Diego division.. I was there, I remember him saying straight to our faces that he would take accountability if his decisions f’d up Gauntlet and MW san diego. Apparently the only fallout was for him was a damn promotion..
And you wonder how Midway got where it is today?