In a Bankruptcy Court hearing on Friday, Gen Con’s plan of reorganization was approved, clearing the way for the company to emerge from bankruptcy.  The company’s rejection of a hostile takeover bid (see “Revised Offer for Gen Con”) was also approved. 

Under the company’s plan of reorganization, Peter Adkison will retain ownership and the company will pay off its debts over time out of operating cash flow. 

Gen Con CEO Adrian Swartout expressed her satisfaction with the results, and the company’s commitment to move forward.  “This is a bright day for us,” she said.  “The entire team is looking forward to 2009 and continuing our growth as a stronger, more focused company…  Everyone here is excited to begin working outside of Chapter 11.” 

This year’s Gen Con will be held August 13-16 in Indianapolis.