Midway Creditors Settle With Investor Mark Thomas

Creditors for bankrupt Chicago-based Mortal Kombat house Midway Games have entered into a settlement agreement with Mark Thomas, a little-known investor who bought the publisher from media mogul Sumner Redstone last year.

According to a June 4 court filing originally mentioned by Bloomberg, and independently found by Gamasutra, Midway's Official Committee of Unsecured Creditors agreed to give Thomas and his associated parties a first priority secured claim against Midway in the amount of $5 million. Thomas will be able to collect that amount, less any amount paid by Midway to Thomas since the publisher filed for bankruptcy in February, before other creditors.

Midway's creditors committee said it estimates it paid Thomas around $287,000 to date, an amount that will go towards the settlement value. In exchange, Thomas agreed to relinquish all claims against Midway.

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