Midway Games Wins OK For Ch. 11 Liquidation Plan

Law360, New York (May 24, 2010, 3:52 PM EDT) -- A bankruptcy court has approved Midway Games Inc.'s Chapter 11 liquidation plan, which will distribute the $49 million proceeds of its sale of its assets to Time Warner Inc. last year according to an earlier settlement reached by two classes of unsecured creditors.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware approved the plan Friday after a confirmation hearing, finding that it satisfied all parts of the Bankruptcy Code.

The judge said various settlements between creditors incorporated into the plan were...
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