Cash-strapped Midway Games couldn’t fight the financial realities any longer, announcing on Thursday (Feb. 12, 2009) it is filing Chapter 11 bankruptcy. The move became a foregone conclusion when Sumner Redstone, who had kept the company afloat with his fortune, ran into financial trouble and had to sell his controlling interest for $100,000 to investor Mark Thomas.

That move triggered clauses in Midway’s debt agreements that allowed its noteholders to demand payment now. Midway doesn’t have the money, making it necessary to file for bankruptcy. The company has $240 million but a market valuation of only $14.8 million. I’m no financial wizard, but none of that is good.

A group of Midway bondholders filed an objection to the bankruptcy proceedings on Friday (February13, 2009)…

Not to be outdone by its rival Street Fighter series, SNK has announced in this past week’s Japanese gaming mag, Weekly Famitsu, that the beta tests for the latest entry in its own flagship fighter, King of Fighters XII will begin in April 2008.

On the Madman Cafe forums, where the news first broke out on Thursday (March 20, 2008), SNK also gave out the first details about the gameplay.

The character-switching abilities which started in King of Fighters 2003, are…

In one of the most meta announcements of late, FHM and Betson enterprises (makers of Big Buck Hunter Pro arcade game), are holding a contest for fans to hunt down BBHP machines in order to win one. Participants seek out BBHP machines (hint: look in the back room of every bar you can find), take more »