$33 million pledge is the only offer for bankrupt company's assets
The deadline for submitting bids to purchase the assets of bankrupt publisher Midway has passed, and a $33 million offer from Warner Bros marks the only attempt to buy the company.
As reported by the Los Angeles Times, Midway had hoped to spark a bidding war in the wake of Warner's initial bid, but other than tentative interest from game publishers and a Chicago investment group, nothing else came of the auction.
"No other bids came in, so there's not going to be an auction," said Midway's spokesman, Geoff Mogilner. Meanwhile Warner declined to comment.
If the deal goes through, it is understood Warner will gain ownership of most of Warner's assets, including the Mortal Kombat, Spy Hunter, Joust and Wheelman franchises. However, before the sale is finalised, a court in Delaware overseeing Midway's financial situation will have to hear accusations and complaints filed by several creditors about the acquisition process.