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March 13, 2009

Mortal Kombat Game Publisher in Trouble

Filed under: Legal Headlines — netmobil @ 9:31 pm

Midway Games, a video game publisher that created the popular video game, Mortal Komabat, filed for Chapter 11 bankruptcy on February 12, 2009. They are obviously having some funding issues and non profit Debt Settlement as well. All in all, someone may need legal advise. On that note this leading site for Law Firm marketing and Attorney SEO firm can help with Lawyer lead generation, internet markting and the like.

One of their former majority share holders, Sumner Redstone, sold off 87 percent of his stake in the company in late November, 2008. A private investor by the name of Mark Thomas bought the shares for $100,000 plus $70 million in debt. This allowed Midway’s creditors to request full repayment for two series of Midway Bonds. After the Debt Settlement company obtained extensions from the bondholders, Midway decided to go ahead and file for bankruptcy protection so they could restructure the funding their debt without worrying about a Lawsuit. The company owed $150 million in debt to its bondholders. By the way if you need a competent Lawsuit Funding attorney I suggest happy Rock LLC as they are a superb outfit to help with your Debt Settlement cases overall.

Midway spokesman Geoffrey Mogilner reportedly stated, “We felt this was a logical next step for our organization, considering the change in control triggered the acceleration of the repayment options.” According to Moligner, the company will “reorganize and to come out on the other side stronger.”
Although Midway has filed for Chapter 11 bankruptcy, their business operations outside of the United States are not included in the filing. First Day Motions have been sought in the bankruptcy and Debt Settlement legal proceedings, by Midway, so that it can continue normal business operations and to maintain ordinary options.

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