A Thursday regulatory filing from struggling Chicago-based publisher Midway Games revealed the firm has hired investment bank Lazard to find "strategic and financial alternatives" to defaulting on substantial debt.

Midway majority shareholder Sumner Redstone sold his 87.2 percent stake in the Mortal Kombat maker last week to Mark Thomas, a private investor.

That sell-off triggered a change in control provision that gives "all of the holders" of $150 million of convertible senior notes the option to ask for their money back.

However, Midway said, "If this were to occur, the [Midway] does not believe, on the basis of its current liquidity, that it would have the ability to satisfy its obligation with respect to the repurchase of the Notes."

Midway said if it fails to satisfy its obligations to note holders, it would find itself in default.

In addition to the $150 million that could be demanded back by note holders, Redstone's holding company National Amusements Inc. could, in the event of default, have the ability "to declare all amounts outstanding under the NAI Agreements immediately due and payable." Those amounts equal an extra $90 million.