Midway has posted a press release today announcing a timeframe for a section 363 sale of their assets including Mortal Kombat.
Midway recently announced a "stalking horse" asset purchase agreement, which is expected to receive court approval, subject to higher or better bids, in a hearing on June 2, 2009. Following this hearing, there will be a period during which Midway, through its financial advisor, Lazard, will accept binding offers up to June 24th, 2009, to acquire some or all of the Company's assets. An auction will be held on June 29th to determine the bid or combination of bids that achieves the highest value, followed by a court hearing to approve the sale to the winning bidder or bidders on July 1st, and then a final closing. All bids must comply with the bid procedures order to be issued at the hearing on June 2, 2009.
To view the press release in full, click here.
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