Game On: Midway Asset Sale Approved

Submitted by Sylvie Lang

On July 1, 2009, the bankruptcy judge in the Midway Games' Chapter 11 bankruptcy filings reportedly approved the $33 million dollar sale of most of the company's assets to Warner Bros. Allegedly, Warner Bros. was the only bidder for Midway's assets. As reported in our earlier blog, Threshold Entertainment Inc. had filed an objection to Warner's Bros. bid and it has been suggested that other companies had also opposed the bid mainly over intellectual property disputes.

The court filings also claim that the bankruptcy judge approved the settlement between Midway's creditor committees and the company's majority shareholder, Mark Thomas. The settlement was reached in early June 2009.

Coverage at Chicago Tribune.com