Tag Archives: chapter 11

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.

Kotaku is reporting that Ubisoft may have picked up Vin Diesel racer Wheelman.

The news comes after it was reported today that Midway’s files for Chapter 11. Rumors at present have the game release on hold.

Wheelman was expected to be released on March 16 for PC, PS3 and Xbox 360.

Midway’s filed for Chapter 11, it’s been confirmed.

“This was a difficult but necessary decision,” said boss 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.”

The move is supposed to allow the firm to restructure while essentially being bankrupt.

More through the link.

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.