Midway Games requests fourth exclusivity extension to prepare plan

By Alice Popovici

New York, Oct. 29 - Midway Games, Inc. requested a fourth extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday motion with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to Dec. 29 from Oct. 30 and the solicitation period to Feb. 28 from Dec. 30.

A hearing has been scheduled for Nov. 24.

The company said it has been "engaged in substantive negotiations with [its] major creditor constituencies with respect to a proposed Chapter 11 plan of liquidation" and is working to "reconcile claims and identify any issues that may need to be dealt with prior to or within the confirmation process."

But, the company said, more time is needed to "allow this process to continue in an orderly fashion."

Midway Games, based in Chicago, is a developer and publisher of interactive entertainment software for videogame systems and personal computers. The company filed for bankruptcy on Feb. 12, 2009, and its Chapter 11 case number is 09-10465.

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