Close
Are you sure? Are you sure you want to report this comment? I understand, report it. Cancel

Midway seeks Mortal Kombat sale

Mon 02 Mar 2009 12:26pm GMT / 7:26am EST / 4:26am PST
Business

Publisher offers incentives for employees to secure sale of its most valuable intellectual property

Midway Games has apparently given the green light for employees to secure the sale of one of its best-known franchises, Mortal Kombat.

In a bid to generate cash for the struggling games publisher, Midway is offering incentives to staff able to either sell off prized assets or submit a plan that will see the company continue as a viable business or go into liquidisation.

The company revealed its intentions in court documents seeking approval for the plan on February 23, just days after Ubisoft had announced it will be co-publishing another Midway property – Wheelman – later this year.

Midway is offering a total of USD 3.75 million in bonuses for three major milestones, including USD 1.29 million for the sale of Mortal Kombat, and USD 1.96 million for a confirmed plan to reorganise or liquidate the business.

The New York Stock Exchange has suspended trading for Midway Games, as the company uses cash reserves to pay day-to-day operating expenses, including employee salaries.

Login or register to post

Take part in the GamesIndustry community

Register now