Midway Games, the maker of Mortal Kombat and other titles, has filed for Chapter 11 bankruptcy protection. The company blames its change in ownership last November, saying the move “triggered accelerated repurchase obligations relating to two classes of Midway debt.”

In a statement, Midway President and CEO Matt Booty (yes, that’s his real name) calls the decision “difficult but necessary.”

“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,” he says.

Midway anticipates continuing business as normal despite today’s bankruptcy filing.