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Corporate Restructuring and Bankruptcy blog netDockets reports that Midway Games Inc. and its affiliates filed a motion on February 23, 2009 seeking court authority to implement a key employee incentive plan covering up to 29 employees.
The blog notes that the proposed plan ties bonus payments to three milestones, which if met would see a bonus pool of $3,755,000.
Milestone one concerned a publishing/distribution deal for Wheelman (Ubisoft is now handling the game’s release), while milestones two and three relate to the sale of the Mortal Kombat franchise.
There’s no news on any potential buyers.
