Midway liquidation plan approved

Monday, 24 May 2010 10:36 GMT By Patrick Garratt


A US court has approved plans to liquidate Midway following an IP sale to Warner last year.

Midway can be liquidated, a US court has said, approving a plan that provides a recovery for creditors from the sale of assets last year to Warner.

Bankruptcy Judge Kevin Gross said he was “satisfied fully” that the plan complies with the bankruptcy code.

Warner took Midway’s assets, including Mortal Kombat and studios in the US and UK, for about $33 million last July.

Midway said it realized about $49 million from the transaction.

Hot beans. Watch E3 for some idea of Warner’s plans for the IPs.

There’s more on Businessweek.