Today, Midway Games Inc. (NYSE: MWY) filed "voluntary petitions" in U.S. Bankruptcy Court for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filing does not include the company’s non-U.S. operations, which will continue business as normal -- which the German branch has just confirmed by e-mail.

In its filing with the Bankruptcy Court, the company cited that the November 28, 2008, change in ownership triggered accelerated repurchase obligations relating to two classes of Midway debt, which Midway anticipated it would be unable to satisfy.

“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.”