Some call it bankruptcy, some call it reorganization. Whatever you call it, Midway has filed for it. In a press release, Midway announced that it was filing for Chapter 11 bankruptcy to try and reorganize the company. Although this is bad news, Midway sees a positive as they have shipped 2 million units of Mortal Kombat vs. DC Universe, 1 million units of TNA Impact! and the Game Party franchise has shipped 3 million”

“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 hopes that by filing for chapter 11 the will be able to continue business operations as usual and are seeking a variety of approvals from the court so the company can continue “managing its operations in the ordinary course.”