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Midway, best known for the Mortal Kombat series of games, had signaled in early December that it was likely to run into debt repayment problems, as former majority shareholder Sumner Redstone's sale of his 87 percent stake in the company triggered provisions in two series of Midway bonds that allowed creditors to ask for full repayment. The company secured extensions from its bondholders on those payments but ultimately decided to file for bankruptcy protection. In late November, Redstone sold his 87 percent stake to Mark Thomas, a private investor, for $100,000 plus $70 million in debt. "We felt this was a logical next step for our organization, considering the change in control triggered the acceleration of the repayment options," said spokesman Geoffrey Mogilner. "That was the main reason, and we're looking to reorganize and to come out on the other side stronger." The Chapter 11 filing does not include Midway Games' operations outside of the U.S. The company said in a a statement that it expects the bankruptcy protection to allow it to continue its normal business operations. Midway is seeking court approval for First Day Motions that will allow it to maintain its ordinary options. wawong@tribune.com To see more of the Chicago Tribune, or to subscribe to the newspaper, go to http://www.chicagotribune.com. Copyright (c) 2009, Chicago Tribune Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for MWY click here.
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