Midway liquidation plan approved by court
by Griffin McElroy 
on May 23rd 2010 10:00PM
The last shreds of the former developer known as
Midway will soon be dissolved into the ether, as a Delaware court has agreed to the terms of the company's plan to repay a portion of its debts.
Businessweek reports that after liquidating all its assets, Midway will distribute about $25.5 million to unsecured noteholders, which is about 16.5 percent of what those noteholders are owed. Unsecured creditors will get $9.2 million, which is around one-quarter of what Midway owes them.
So, now that all of its assets either belong to Warner Bros. or are being hocked to repay lenders, we think we've probably seen the last of the once great Midway empire. Unless one of you guys feels like giving them like, $600 million. C'mon, there's gotta be at least one obscenely rich, completely obsessed
Mortal Kombat fan out there.
[Via
Kotaku]
