Video game-maker Midway Games Inc. sought bankruptcy protection from creditors Thursday, the culmination of a chain of events that started when a private investor bought a majority stake in the Chicago-based company last year. That investor appears to be a major beneficiary of Midway's reorganization.
Midway, the creator of the long-running "Mortal Kombat" franchise, filed Chapter 11 documents in U.S. Bankruptcy Court in Delaware. Operations outside of the U.S. were unaffected. The company said it expects to conduct business as normal during the reorganization.
The road to bankruptcy began at the beginning of December, when media magnate Sumner Redstone sold his 87 percent stake in Midway to Mark Thomas for $100,000 and $70 million in debt.
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