Warner’s purchase of Midway OK’d by Judge [Update]

By Stephany Nunneley, Thursday, 2 July 2009 17:16 GMT


Midway’s sale to Warner Bros. got the OK from the courts yesterday, so once the $33 million check is cut, Warner will own most of Midway’s assets.

The settlement between unsecured creditors and majority shareholder Mark Thomas are a done deal, and intellectual-property disputes with Threshold Entertainment Tigon Studios have been resolved.

Thomas gets a $5 million payment, having purchased the majority of the company from Sumner Redstone for $100,000. Secured claims in the bankruptcy proceedings were $30 million with $40 million in unsecured claims.

Via Chicago Tribune.

[Update] It appears that the  San Diego studios owned by Midway received zero bids, thus resulting in that location closing up shop in ten days time. The employees currently at work at the studio have been given a 60-day notice. Via Joystiq.

[Update 2] The 60-day notice with the closing-up shop in ten days applies to Midway Newcastle as well.

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