And now it’s done. Midway Games has been sold to Warner Bros. for $33 million—ending about six months worth of financial turmoil and headline-grabbing legal disputes surrounding the bankrupt Mortal Kombat publisher. Warner gets most of Midway’s assets in the deal, per the Chicago Tribune; disputes between the publisher’s unsecured…

Salvation may be in sight for embattled Midway Games, as Warner Bros. Entertainment has made a $33 million bid to buy most of the company’s assets. The “stalking horse” purchase agreement would include Midway’s studios in Chicago and Seattle, and of course, the Mortal Kombat franchise, but not its studios…

Add another foreboding twist to the Midway Games bankruptcy saga. The Mortal Kombat publisher owes creditors well over $150 million, and now, those creditors have filed a lawsuit against former majority stakeholder Sumner Redstone, new majority owner Mark Thomas and various members of Midway’s board. Midway’s creditors include the NBA,…

Cash-strapped Midway Games’ plan to pay out more than $3.75 million in bonuses got smacked down by both the Feds overseeing its Chapter 11 bankruptcy proceedings, and its roster of unpaid creditors—so the Mortal Kombat publisher revised its “key employee incentive plan” and refiled it today (PDF, via Epic Systems).…

Mortal Kombat publisher Midway Games is getting the AIG treatment: the Feds overseeing its bankruptcy proceedings (and its pack of peeved creditors) have slammed its plan to pay out just over $3.75 million in bonuses to over two dozen employees. Beaten down by the opposition, a Midway exec told Variety…

Mortal Kombat publisher Midway Games has put its flagship title on the block. The embattled gaming company is selling everything it can—including its franchises—to help pay off creditors. Bankruptcy documents picked up by netDockets show that the company essentially has two options: try to get another restructuring plan approved by…

Trying to get out from under roughly $150 million worth of debt, Midway Games filed for Chapter 11 bankruptcy this morning. The filing only covers the Chicago-based publisher’s U.S. operations—not its holdings in Europe. New CEO Matt Booty said the move would “relieve the immediate pressure from our creditors” and…

Midway Games has finagled a bit more time to settle its roughly $150 million in debt, but it’s hard to see how that would materially change matters for the troubled game publisher. Under a new forbearance agreement contained in this SEC filing, the company now has until Feb. 19 to…

Sumner Redstone offloaded his majority stake in Midway Games earlier this week to ease his own debt woes, and now the gaming company is facing a grim future—including possible bankruptcy—as a result. Chicago-based Midway, publisher of the Mortal Kombat franchise, warned that it could end up defaulting on $240 million…

Scrambling to restructure National Amusement’s $1.6 billion debt this month, Sumner Redstone has sold off the company’s disastrous 87 percent stake in Midway Games for $100,000 in cash, assumption of debt—and a tax loss of $800 million,  the WSJ reported. Mark Thomas, described by the Journal as an investor without…