The new forums will be named Coin Return (based on the most recent vote)! You can check on the status and timeline of the transition to the new forums here.
Please vote in the Forum Structure Poll. Polling will close at 2PM EST on January 21, 2025.
Finish Him! - Midway files for bankruptcy
LewieP
Registered User regular
Registered User regular
MIDWAY'S U.S. OPERATIONS FILE FOR CHAPTER 11 REORGANIZATION
Company notes strong underlying fundamentals, but cites recent change in control as the key trigger in need for planned, orderly reorganization
Midway's European operations are unaffected and continue business as normal
CHICAGO – February 12, 2009 – Midway Games Inc. (NYSE: MWY) today announced that the company and its U.S. subsidiaries filed voluntary petitions in U.S. Bankruptcy Court for the District of Delaware for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filing does not include the company's non-U.S. operations, which will continue business as normal.
In its filing with the Bankruptcy Court, the company cited that the November 28, 2008, change in ownership triggered accelerated repurchase obligations relating to two classes of Midway debt, which Midway anticipated it would be unable to satisfy.
"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."
"Midway enters this process with strong underlying fundamentals, as evidenced by solid fourth quarter sales that exceeded expectations in spite of a challenging retail and general economic environment," Booty added. "Overall, Mortal Kombat vs. DC Universe sales are approaching two million units shipped, TNA iMPACT! has shipped approximately one million units, and our Game Party franchise has sold close to three million units in total."
Midway expects that Chapter 11 protection will enable the company to conduct its business operations as usual. To that end, Midway is seeking approval from the court for a variety of First Day Motions enabling the company to continue managing its operations in the ordinary course. These motions are typical of the restructuring process, and approval is regularly granted.
About Midway
Midway Games Inc. (NYSE:MWY), headquartered in Chicago, Illinois, with offices throughout the world, is a leading developer and publisher of interactive entertainment software for major videogame systems and personal computers. More information about Midway and its products can be found at www.midway.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning future business conditions and the outlook for Midway Games Inc. (the "Company") based on currently available information that involves risks and uncertainties. These forward-looking statements include, without limitation, statements regarding the Company's expectations concerning the bankruptcy process, the continuation of day-to-day operations and payments to vendors and employees in the ordinary course. The Company's actual results could differ materially from those anticipated in the forward-looking statements as a result of these risks and uncertainties, including, without limitation, (1) the impact of today's announcement on the Company's operations; (2) the ability of the Company to continue as a going concern; (3) the ability of the Company to obtain approval of and operate pursuant to the agreement with its secured creditor for the use of its cash collateral; (4) the ability of the Company to obtain court approval of the Company's first day papers and other motions in the Chapter 11 proceeding pursued by it from time to time; (5) the ability of the Company to develop, pursue, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases; (6) risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, or the appointment of a Chapter 11 trustee or to convert the cases to Chapter 7 cases; (7) the ability of the Company to obtain and maintain normal terms with vendors and service providers; (8) the ability of the Company to maintain contracts that are critical to its operations; (9) potential adverse developments with respect to the Company's liquidity or results of operations; (10) the ability of the Company to fund and execute its business plan; (11) the ability of the Company to retain and compensate key executives and other key employees; (12) the ability of the Company to attract and retain customers; and (13) any further deterioration in the macroeconomic environment or consumer confidence. Discussion of additional factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is set forth under "Item 1. Business - Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2007, and in more recent filings made by the Company with the Securities and Exchange Commission. Each forward-looking statement, including, without limitation, financial guidance, speaks only as of the date on which it is made, and Midway undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, except as required by law.
It's a shame when stuff like this happens, but it has been a long time since I played a Midway game that I would say was better than mediocre.
Still, Hydro Thunder was great.
LewieP on
0
Posts
Animal Crossing - 3566 5318 4585/2492 7891 0383 Deacon/Akisha in Crayon
EDIT: :^:
Can't even punctuate their game titles right.
Italics.
Still, this was one of the "big name" developers for a long time. It kind of sucks to see such heavy-hitters get crushed like this.
I say this as someone who only played it around a friends house, and therefore never actually shelled out money for it.
Is it worth a rental?
Well, not really, but the fact that they refused the change with the times after that was their downfall. Good riddance!
Though this is happening in the recession from hell and they haven't been doing great for a while now.
I think the last truly great Midway published game I played was Psi-Ops, which was several years ago, and unfortunately that game didn't sell very well.
Their best selling game this generation is probably Game Party.
I guess if their best strategy lately has been to release shovelware and terrible shooters, then bank on licensed IPs to save mediocre games, it's not really a surprise that they're failing.
Steam ID: slashx000______Twitter: @bill_at_zeboyd______ Facebook: Zeboyd Games
Worth renting then.
If only so I can play as Batman and reel off shitty Dark Knight lines in a 'I-just-recovered-from-laryngitis' (sp) voice..
Yes, I am that bad of a person.
EDIT: Psy-Ops was probably the most awesome Midway ever made.
It's available for free now, and I'm glad, because not enough people ever played it.
I liked Mortal Kombat: Deception, though that's probably cause I a bit younger when it came out, and I can't even remember what it was like.
But there was fighting.
And shitty running-around elements.
This really comes as no surprise. Outside of Mortal Kombat, there was a steady decline of viable content coming from them since about halfway through last gen.
It has 10 games, which are all basically the same, and all fundamentally broken. It's like a phoenix game with gameplay.
The Transformers Fandom: Consistantly bitching about something or another since 1984.
http://www.nuklearpower.com/2009/03/28/warbot_001/ - "WARBOT In Accounting"
This, as much as its not a big surprise, is still weird to me. Ive known Midway for a while and to see this happening is shocking, (even if expected). Shit is going down in the gaming industry. For better or for worse. If anything I think gaming companys are bound to start thinking about the shit they make and not throw out shovelware and bullshit. I think now is when gaming companys will start to think on what needs to be done, and think before they waste the money on that next piece of shit title. If anything, well be seeing a surge of great games now from companys afraid to go down hill. It wont be easy to recover with how the economy is. Sure it may not start now, but eventually.
Nothing's forgotten, nothing is ever forgotten
Don't forget Stranglehold!!! From the Psi-ops team. That game was awesome. That and MK vs. DC are the only really good games I can think of from Midway over the last several years.
They used to dominate my 16-bit collection, way back when.
PSN ID : Xander51 Steam ID : Xander51
Steam ID: slashx000______Twitter: @bill_at_zeboyd______ Facebook: Zeboyd Games
Yeah, I'm kinda wondering about this too.
And by "kinda", I mean "it was my first thought".
Why not at least re-release the series on VC/XBLA/PSN?
I WILL NOT BE DOING 3DS FOR NWC THREAD. SOMEONE ELSE WILL HAVE TO TAKE OVER.
Spoiler contains Friend Codes. Won't you be my friend?
More Friend Codes!
Mario Kart Wii: 3136-6982-0286 Tetris Party: 2364 1569 4310
Guitar Hero: Metallica: 1032 7229 7191
TATSUNOKO VS CAPCOM: 1935-2070-9123
Nintendo DS:
Worms: Open Warfare 2: 1418-7870-1606 Space Bust-a-Move: 017398 403043
Scribblenauts: 1290-7509-5558
We've all been there.
I mean... really?
STEAM | XBL | PSN
Maybe this economic downturn ain't so bad.
I don't even blame economy problems for all these companies getting bought out or going under. A number of developers have seriously stepped up in terms of quality this generation and many other developers simply did not follow their example.
When all the game companies put out trash, then we get a collapse of the game market like the one from decades ago. When several big developers decide to make awesome games and many others don't, you get a lot of buyouts and failures as well as (hopefully) some new room in the market for decent developers.
Of course, I could be completely wrong and we could be looking at a collapse of the gaming market as we know it.
I think they were doomed ever since John Tobias left the MK team and there was no-one left to reel in Ed Boon's silly fucking ideas and the powerhouse that was MK turned into a goofy dial-a-combo mess and mockery of its former self.
This stuff I agree with. They were like an institution, especially in arcades. So many great memories involving the Williams/Bally Midway branding...
And the idea to add Coca-Cola to Pac-man? Genius.
Virtual Console and Xbox LIVE Arcade might be some good homes for that stuff.
Like Mega Man Legends? Then check out my story, Legends of the Halcyon Era - An Adventure in the World of Mega Man Legends on TMMN and AO3!
They owe like 250million to debtors, pretty boned.
Damn shame, though. The SanFran Rush series is pretty much the best in arcade racing besides Daytona USA. Which is also overdue for a sequel.