Midway Sings Swan Song

May 25, 2010 -

It looks like the company known as Midway is sun setting, soon to fade away forever. On May 21, U.S. Bankruptcy Court Judge Kevin Gross approved a liquidation plan that will see Midway pay back less than 16.5 percent of debt owed to "unsecured noteholders" and 25 percent of what is owed to "unsecured credit holders."

Midway filed for bankruptcy protection in Feb. of 2009, and managed to generate some $33 million in cash from the sale of assets like Mortal Kombat to Warner Bros. (a Time Warner company). In May of 2009, Midway's creditors sued former Midway majority stakeholder Sumner Redstone and his daughter - former Midway chair Shari Redstone, and Midway board members over the 2008 sale of the company to investor Mark Thomas. Thomas settled with creditors quickly, but Redstone and associates did not. That lawsuit continued until Feb. of this year, when the same bankruptcy judge dismissed the Redstone portion of it.

A lawyer for Midway told Bloomberg that Redstone's National Amusements agreed to pay approximately $1 million USD into a "liquidation trust" in return for the dismissal of the lawsuit.

Unsecured creditors walk away with about $9.2 million (owed about $36.7 million collectively) and unsecured noteholders (owed about $155 million) will be paid $25.5 million.

Source: Bloomberg via Gamasutra

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Comments

Re: Midway Sings Swan Song

I remember playing their racing games on my N64: RUSH!

 

 

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Re: Midway Sings Swan Song

mortal_kombat1fatality.jpg fatality image by Kainthebeast

FATALITY!

Too bad, really. But somehow, there were a point when they stopped to being relevant on any level. Sadly, DC Universe Vs. Mortal Kombat kinda was their last chance but didn´t make it well at all.

 

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Re: Midway Sings Swan Song

There are so many things wrong with that picture that I don't even know where to begin.

Re: Midway Sings Swan Song

Why not start with the most bltantly obvious in having a fatality that was done with little health lost.

Re: Midway Sings Swan Song

Maybe is an old picture of a beta version. Now I remember there were a similar question about this on a game magazine in the 90´s.

------------------------------------------------------------ My DeviantArt Page (aka DeviantCensorship): http://www.darkknightstrikes.deviantart.com

Re: Midway Sings Swan Song

I wonder who might pick up Mortal Kombat.

Re: Midway Sings Swan Song

Did you even read the article? MK was sold to Warner Brothers back in 2009

Re: Midway Sings Swan Song

Ah, ok, my bad. Heh, makes me think MK vs DC was the last we'll see.

Re: Midway Sings Swan Song

Apparently they own the rights to Klax (It is the nineties!) I'd buy the rights for it for a dollar.

 
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