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 Post subject: Midway Initiates Section 363 Sale Process
 Post Posted: Sun May 24, 2009 9:51 am 
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Elder God
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In a press release Midway announced that it has entered into a "stalking horse" asset purchase agreement with Warner Bros. Entertainment Inc., a subsidiary of Time Warner, Inc. (NYSE:TWX), and filed a sale and bid procedures motion with the Bankruptcy Court to conduct the sale of the Company’s assets pursuant to Section 363 of the United States Bankruptcy Code. The Mortal Kombat franchise is one of the things included in the sale. From the press release:

MIDWAY INITIATES SECTION 363 SALE PROCESS

Seeks Bankruptcy Court Approval for Sale of Assets for a Minimum of $33 Million
Warner Bros. Entertainment Emerges as "Stalking Horse" Bidder


CHICAGO – May 21, 2009 – Midway Games Inc. today announced that it has entered into a "stalking horse" asset purchase agreement with Warner Bros. Entertainment Inc., a subsidiary of Time Warner, Inc. (NYSE:TWX), and filed a sale and bid procedures motion with the Bankruptcy Court to conduct the sale of the Company’s assets pursuant to Section 363 of the United States Bankruptcy Code. The bid procedures will provide for notice to be given to third parties of the pending sale to Warner Bros. Entertainment and offer the opportunity for interested parties to bid on the Company's assets.

Under the agreement, Warner Bros. Entertainment would acquire substantially all of the Company's U.S. assets including its Mortal Kombat franchise and its development studios in Chicago and Seattle for a purchase price of $33,000,000, subject to adjustment as of the closing for changes in inventory, plus the agreed value of the Company's U.S. account receivables. The agreement does not include the Company's development studio in San Diego and the TNA franchise games, nor does it include the Company's development studio in Newcastle which had developed the Company's recently released Wheelman game.

Prior to court approval of the Warner agreement, there will be a court-supervised auction process to facilitate competitive bidding by other qualified buyers. This process is intended to achieve the highest value possible for the Company's stakeholders. The bidding procedures, if approved, would require interested parties to submit binding offers to acquire some or all of the Company’s assets within approximately 30 days of court approval of the bid procedures. Assuming qualified bids are submitted, an auction would be held a few days prior to the sale hearing. A court hearing approving the sale to the winning bidder or bidders would be held soon after the conclusion of the auction, followed by a final closing.

Once the bid procedures have been approved by the Bankruptcy Court, the Company will announce the initiation of the formal bidding process, and at such time interested parties will be asked to contact the Company's financial advisor, Lazard, for more information on the bidding process.

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 Post subject: Re: Midway Initiates Section 363 Sale Process
 Post Posted: Sun May 24, 2009 10:59 am 
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Mortal
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Sorry guys,But if the companies had a little bit of sense of humor they would give a help money to midway to keep mortal kombat franchise 4 ever but what we are witnising today is the rival to sell midway.


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 Post subject: Re: Midway Initiates Section 363 Sale Process
 Post Posted: Sun May 24, 2009 1:52 pm 
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Elder God
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Location: Bulgaria, Germany
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Give a little money to Midway to help save the franchise.

This is not exactly how things work in the modern world. No one cares what happens or what gets made as long as there is profit in it. No one gives money just like that and I mean NO ONE.

Nor does someone care about how or what people feel. The only thing that do matter is MONEY.

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I Rule This World!

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By the unholy darkness that consumes me, I will have the Earthrealm.

Mortal Kombat Secrets Founder and Webmaster


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 Post subject: Re: Midway Initiates Section 363 Sale Process
 Post Posted: Tue May 26, 2009 9:29 am 
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Mortal
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Joined: Fri May 22, 2009 10:33 pm
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I don't know about you some people or sources i should say,says that :lol: (they must put mkarmageddon and MK vs DC on pc)i comment on this that this is scam i would love to hear about mk fans donates to save the franchise

***Note:anyone can tell me how can I get in contact with mr.noob iam mean MR.ED BOON !!


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