Midway Games granted second exclusivity extension to finalize plan

By Alice Popovici

New York, Aug. 27 - Midway Games, Inc. received court approval for a second extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company was authorized to extend its exclusive plan-filing period to Sept. 29 from Aug. 10 and the solicitation period to Nov. 30 from Oct. 9.

In its request for an extension, the company said it will be in a better position to finalize negotiations with creditors after approval of the sale of its remaining assets, expected at the end of August. The proceeds will serve as part of the funding mechanism, according to the motion.

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, 2010 in the U.S. Bankruptcy Court for the District of Delaware, and its Chapter 11 case number is 09-10465.

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