Former coin-op giant Midway Games has filed for Chapter 11 reorganisation for its US operations.
The company, which stopped making coin-op games eight years ago to focus on consumer products has laid blame on a change in ownership.
Summer Redstone, head of Viacom and CBS Corporation, was the majority shareholder - owning 87 per cent of Midway at the end of 2007. In December 2008, Redstone all his stock to a private investor for US$100,000 plus about $70m of debt.
Midway said the "change in ownership triggered accelerated repurchase obligations," relating to its debt, which it would be unable to pay back.
At its peak Midway produced some landmark video games including Mortal Kombat, Pac-Man, Rampage, Spy Hunter, Space Invaders and NBA Jam.
