Midway Games Inc.'s Chapter 11 bankruptcy proceeding took a major step forward Wednesday, with a Delaware bankruptcy judge approving the $33 million sale of most of the company's assets to Warner Bros. Entertainment Inc.

Court filings show that the judge approved a settlement between Midway Games' unsecured creditors committee and the company's majority shareholder, Mark Thomas.

Warner Bros. had submitted a $33 million bid to buy "substantially all" the assets of Chicago-based Midway. If there had been other bids, the court would have supervised an auction. But no other parties submitted competing bids, Midway stated in a Tuesday court filing.

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