Formerly a household name in video games, the bankrupted publisher will end up paying creditors between 16 and 25 percent of what they were owed, under a plan approved by a Delaware judge on Friday.
Midway was long gone before Friday’s judgment, its assets bought up by Warner Bros. Entertainment last year in a transaction worth about $US49 million. The distribution of those proceeds will give about $US25 million to unsecured noteholders – owed $US155 million – and $US9.2 million to unsecured creditors, who were owed $US9.2 million.
The unsecured creditors had sued, alleging that a fraudulent sale of Midway’s stock had damaged them. A judge tossed that suit, and another suit over the order in which claims would be paid was recently settled for a $US1 million.
Midway Games Wins Court Approval of Liquidating Plan [BusinessWeek]
Old_Skool_Gamer
Sunday, May 23, 2010 at 11:30 PMI just want to know if the Midway games that were taken off XBox Live are gonna come back.
Andrew Burdusel
Monday, May 24, 2010 at 9:57 AMAll of the rights to the midway games have been sold to other companies already right? They will probably pop up again after midway is finished in America.