Midway is hoping to sell off the company's entire collection of assets within a month.
The bankrupt company will hold an auction where interested parties can bid for items across its whole range of assets, IP and studios.
Warner Bros recently launched a $33m bid to acquire a Midway's Mortal Kombat series as well as the company's Chicago and Seattle studios. This matter is expected to be successfully concluded following a hearing on June 2.
Following this hearing, Midway's financial advisor Lazard will begin to accept binding offers for its remaining assets up until June 24. A final auction will be held on June 29 where the most valuable bids will be approved for sale.
Items of interest in the auction will include the company's San Diego and Newcastle studios, ownership of the TNA Wrestling franchise, and the company's IP which will include casual games and its classic IP library.
Midway's significantly large list of dormant IP could be brought back to life if acquired by an interested company. Classic Midway properties include Smash TV, Spy Hunter, Rampage, Joust, Paperboy, and Gauntlet.