The Wheelman flees to Ubisoft?

What we heard: Today, $150 million of Midway's total $240 million debt load came due, and as the publisher expected, it was unable to meet the obligations owed to creditors. As a result, Midway filed for Chapter 11 bankruptcy, allowing the Chicago-based publisher to reorganize its debt structure in a last-ditch effort to keep its head above water. The move isn't quite a death knell for the publisher, but it will require Midway to take significant action to get on the right side of its creditors.

As noted by Midway as part of its announcement today, the publisher remains in possession of a number of attractive properties with money-making potential. One cash-raising option would be to sell off one or more of these IPs, a scenario that may have played out today.

Kotaku reports today that Ubisoft has picked up the rights to The Wheelman, which is currently slated for release on the Xbox 360, PlayStation 3, and PC on March 20. Citing retail sources, the gaming blog says that orders for The Wheelman have been put on hold and that the title would be delayed to undergo a transformation into an Ubisoft production.

An open-world driving-action adventure, The Wheelman in its current form was developed by Midway and Vin Diesel's Tigon Studios. The game features the voice and likeness of Diesel and tells the story of an undercover agent who is sent to Barcelona and eventually finds himself involved in a power struggle between three gangs that run the city.

The official story: Neither Midway nor Ubisoft had responded to requests for comment as of press time.

Bogus or not bogus?: As an unproven new property, The Wheelman hardly commands the market value of one of Midway's other franchises, such as Mortal Kombat. Therefore, it seems like a plausible choice if the publisher simply wants to raise quick cash while retaining its future prospects. With neither company talking, however, it's too early to say if this is anything other than rumor.