Midway liquidation gets final approval

A US bankruptcy court has given the final go ahead to the liquidation of cult games publisher Midway.

The deal paves the way for the partial reimbursement of creditors and the sale of a number of key assets, including two development studios and the Mortal Kombat franchise, to rival publisher Warner Interactive.

Bloomberg reports that the liquidation agreement will see unsecured noteholders refunded a total of $25.5m out of the $155m owed and unsecured creditors see $9.2m of the $36.7m that’s owed.

Warner announced its intention to snap up a number of Midway assets way back in July 2009 following a tumultuous period for the beleaguered publisher that saw then owner Mark Thompson admit that Midway was haemorrhaging cash at an alarming rate”.

Late last year former Midway exec Martin Spiess completed an MBO of Midway’s European offices as part of his new publishing venture, Tradewest.