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Midway Games files for bankruptcy

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Midway Games, the Chicago-based videogame company best known for its Mortal Kombat series of games, filed for Chapter 11 bankruptcy protection last week, the Associated Press reports. Yesterday, the company announced that a bankruptcy judge had approved several of its first-day motions, which will allow Midway to “utilize its cash to maintain ongoing operations pending a final hearing,” according to a company statement. The filing comes in the wake of Sumner Redstone selling his 87.2 percent majority stake in the company this past December.