Click here to read the entire article.A Delaware bankruptcy judge cleared several important hurdles in Midway Game's Chapter 11 bankruptcy proceedings today, approving the $33 million sale of most of the company's assets to Warner Bros. Entertainment Inc.
According to today's court filings, the judge also approved a settlement between Midway Games' creditors committee and the company's majority shareholder, Mark Thomas.
Warner Bros. had submitted a $33 million bid to buy "substantially all" of Midway's assets. If there had been other bids, the court would have supervised an auction process. But no other parties submitted competing bids, according to a Tuesday court filing by Midway.
Several companies had filed objections to the Midway asset sale, mostly over intellectual property disputes. These companies included Hollywood production company Threshold Entertainment Inc., which produced the two feature-length Mortal Kombat films, and Tigon Studios Inc., a production company founded by action star Vin Diesel. Tigon and Midway collaborated on Wheelman, a video game starring Diesel.
Did you like this update? Then follow us on YouTube, Facebook, Twitter and Discord.
