Atari Files for Bankruptcy
Atari Inc. has filed for bankruptcy and seeks to separate from its French parent holding company, Atari S.A., in order to “secure independent capital for future growth, primarily in the areas of digital and mobile games.”
The company expects to sell most, if not all, of its assets within the next 90-120 days, which include the Atari logo, as well as game titles including Pong, Asteroids, Centipede, Missile Command, Battlezone and Tempest. It 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.
via press release