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Atari Files for Bankruptcy Protection - Seeks Outside Investors
Published on:
Veteran arcade games software house, Atari has filed for bankruptcy protection as it seeks to separate from the financial liabilities of its French parent group - formerly Infogrames (now also called Atari).
The company, which now generates most of its income from licensing its older games says that it aims to sell most of its assets in the next 3-4 months, or to confirm details of a reorganization that accomplish substantially the same result.
These assets include not only one of the most widely recognized brand logos, which is familiar to 90% of Americans, according to a recent survey, but also legendary game titles including Pong, Asteroids, Centipede, Missile Command, Battlezone and Tempest.
Under current management, Atari has shifted its business from traditional retail games to digital games and licensing with an increased focus on developing mobile games based on its archive of older games.
The U.S. company is also seeking approval to obtain $5.25 million in debtor-in-possession financing from one or more funds managed by Tenor Capital Management, a firm specializing in convertible arbitrage and special situations.
Atari was founded in 1972 and helped to define the early computer console market in the 1970s and 80s. The company has been a wholly owned subsidiary of Infogrames since late 2008.
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