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Atari U.S. Files for Bankruptcy

The U.S. arm of Atari has filed for Chapter 11 bankruptcy in New York as part of an effort to separate itself from its financially troubled French parent company, reports latimes.com (thanks Develop). Here's an excerpt that sums up the situation:

But the company's growth potential has been hampered by its near total reliance on London financial company BlueBay Asset Management for cash. A $28-million credit facility with BlueBay lapsed Dec. 31, leaving Atari without the resources to release games currently in the works, including a real-money gambling title titled "Atari Casino."

Efforts to recapitalize the corporation have been unsuccessful, in part because of its complex structure as essentially an American business with a French public stock listing.

Shares in Atari S.A. have dropped in value from more than 11 Euros in 2008 to less than 1 Euro recently.

Atari Inc. has secured a commitment for $5.25 million dollars in debtor-in-possession financing to continue operations and release games. If Chapter 11 is successfully completed, the U.S. business could reemerge with its own resources and little or no debt to BlueBay.

It's not yet clear who might step up to buy Atari Inc., although Wilson will probably seek backers to help him keep control. It's also possible the company could be sold to another buyer, whole or in pieces.

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5. Re: Atari U.S. Files for Bankruptcy Jan 21, 2013, 09:39 Darks
 
nin wrote on Jan 21, 2013, 08:35:
Wonder what this does for the BG:EE just released on steam? It was behind on patches, and Overhaul said it was due to Atari doing it themselves...(and that patches would eventually come from them).



Atari has been screwing over games and the DnD franchise for years. Which is why they lost the license, especially after the pitiful release of Daggerfall, that had so much potential but was released at least 6 moths to early and they never kept their promises to release a patch to fix the game.

I feel no symphony for this shitty company. They have turned in to this decades Interplay. They need to go bye, bye!
 
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    Date Subject Author
  1. Jan 21, 08:35 Re: Atari U.S. Files for Bankruptcy nin
>> 5. Jan 21, 09:39  Re: Atari U.S. Files for Bankruptcy Darks
  14. Jan 21, 13:45  Re: More Big Picture Details HorrorScope
  15. Jan 21, 14:02   Re: More Big Picture Details nin
  2. Jan 21, 08:59 Re: Atari U.S. Files for Bankruptcy Ozmodan
  4. Jan 21, 09:25  Re: Atari U.S. Files for Bankruptcy Beamer
  9. Jan 21, 12:09   Re: Atari U.S. Files for Bankruptcy RollinThundr
  13. Jan 21, 13:44   Re: More Big Picture Details HorrorScope
  16. Jan 21, 17:35   Re: Atari U.S. Files for Bankruptcy Ray Marden
  3. Jan 21, 09:08 Re: Atari U.S. Files for Bankruptcy Parallax Abstraction
  7. Jan 21, 10:42  Re: Atari U.S. Files for Bankruptcy Creston
  6. Jan 21, 09:45 Re: Atari U.S. Files for Bankruptcy Optional nickname
  8. Jan 21, 10:47 Re: Atari U.S. Files for Bankruptcy Verno
  10. Jan 21, 12:18 Re: Atari U.S. Files for Bankruptcy NegaDeath
  11. Jan 21, 12:40  Re: Atari U.S. Files for Bankruptcy RollinThundr
  12. Jan 21, 13:28  Re: Atari U.S. Files for Bankruptcy Agent.X7
  17. Jan 21, 20:07 Re: Atari U.S. Files for Bankruptcy UnderLord


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