"We had a court hearing yesterday and the end result of that is the sale was approved and the closing will occur within the next 10 days", a Midway representative informed Joystiq. However, not all of Midway's assets and IP were sold off. The San Diego studio has not been bid for, and for now the studio has 60-days before it is shut down in which they are hoping for a bid.
Some of their key franchises, such as Mortal Kombat, will continue to live on under Warner Bros. Interactive.