Midway released a press release this week announcing that the companies US division has filed for bankruptcy protection, but remains optimistic:

“This was a difficult but necessary decision,” said Midway Chairman, President and CEO Matt Booty. “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.”

GamePolitics has looked over the court records for Midway’s bankruptcy and come up with a laundry list of $281,033,000 in liabilitie against the companies 167,523,000 in assets:

• Wells Fargo Bank – $150,000,000
• Acquisition Holdings Subsidiary  – $40,000,000 unsecured loan (Thomas is the mystery man who purchased Midway late in 2008)
• National Amusements, Inc. – $20,147,864
• NBA Properties, Inc. – $17,294,849  (License/royalty settlement)
• Tangible Media, Inc. – $8,675,954
• Warner Bros. Interactive – $6,654,203
• Artificial Mind & Movement – $2,000,000
• Epic Games – $1,975,000 (License/Royalties)
• Walmart – $1,576,035
• Far Sight Technologies – $1,279,151
• Best Buy – $1,114,036
• Target – $934,156
• Technicolor Video Services – $637,769
• Toys R Us – $615,276
• Ditan/Synergex Canada – $578,316
• CBS Outernet – $314,600
• David Zucker – $300,000 (severance pay)
• Multi Packaging Solutions – $287,036
• A.A.F.E.S Headquarters – $276,314
• Kmart – $218,497
• Tigon Studios – $200,000(license/royalties)
• Hollywood Entertainment – $190,982
• TNA Entertainment – $160,000 (license/royalties)
• Professional Films, Inc. – $150,000
• Synergex – Latin America – $149,027
• Pioneer.JB Marketing – $133,353
• Eclipse Advertising – $132,687
• GameStop – $127,250
• Sear, Roebuck – $125,495

Hopefully this doesn’t mean the end of Midway’s Mortal Kombat, Game Party, and other great game franchises.

Filed under: Video Game News