Chapter 11 bankruptcy protection today. The move comes as no surprise–back in December, Sumner Redstone, majority owner and chairman of the humongous theater chain National Amusements, sold the company’s 87% stake in Midway for a mere $100,000 as a tax write-off.

In September, Midway reportedly owed $240 million versus the company’s $167.5 million total assets. Since then, nearly 2 million units of their new fighting game, Mortal Kombat vs. DC Universe have shipped, a much-needed sign of success that may help the ailing label get back on track.

CEO Matt Booty says that the move will relieve immediate pressure from creditors and will allow the company to reorganize and, hopefully, emerge from bankruptcy. He adds, “This Chapter 11 filing is the next logical step in an ongoing process to address our capital structure.” With a name like that, I’d be concerned about him plundering the lackluster remainder of the company’s assets and burying it on some deserted island until the recession blows over. Take that, SEC! Yarr.