Tag Archives: bankruptcy

The economic strain appears to be taking its toll on Atari. According to the L.A Times, the creators of Pong have filed a petition for bankruptcy.

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The District of Delaware Bankruptcy Court has allowed Midway to continue to do business as it restructures under Chapter 11.

“Approval of these motions is an important first step in this planned and orderly reorganization, enabling Midway to continue to operate as usual during this process,” said CEO Matt Booty.

“We remain confident in Midway’s ability to use this proven process to address our capital structure and explore our strategic alternatives.”

The court approved first day motions and cash collateral filings which will also allow the publisher to pay the remaining employee’s salaries, its vendors and other miscellaneous expenses.

World of Goo publisher Brighter Minds Media has filed for Chapter 11 bankruptcy protection.

The firm made the move on January 28. Unlike Chapter 7, which means the company’s to be liquidated, Chapter 11 is a step to allow the firm involved to remain in control of its assets while it reorganizes.

Brighter Minds publishes a range of family-friendly software as well as the gooey indie darling.

Thanks, GameDaily.

Shacknews sends word that Midway’s playing its trump card in its duel with fate’s cruel whims.

Apparently, the beleaguered publisher was able to convince a portion of its investors to delay enacting their money-back guarantee – applicable because a large portion of Midway recently changed hands — until February 19. If Midway’s able to talk down a second group of investors in a similar fashion, the SEC won’t blow the publisher’s house down until February.

However, Midway’s pertinent debt currently sits at $150 million, and Vin Diesel’s wild ride doesn’t begin until February 20.

Please, someone, spoil this story’s ending. We’re somewhat confused and very tired of waiting.

By Nathan Grayson

A US court has given to go ahead for Ziff Davis, owner of 1UP and EGM, to commence with a bankruptcy restructuring plan designed to clear nearly $500 million in debt.

“The Court’s confirmation of our Plan is a major milestone for Ziff Davis as we look to emerge from Chapter 11 restructuring,” said Jason Young, Chief Executive Officer of Ziff Davis Media.

“We are very proud of the progress we have made during our short time in Chapter 11 to become a healthier company. We remain grateful for the unwavering support of our customers, vendors and employees throughout this process and we look forward to continuing our work with all of our stakeholders after our emergence. After concluding our restructuring, we will be better positioned, with the financial strength to grow and capitalize on our strengths.”

The company expects to emerge from Chapter 11 on July 1.

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