Share “Atari U.S. files for Ch. 11 to separate...”

Atari U.S. files for Ch. 11 to separate from parent

By The Associated Press Published: January 22, 2013
Advertisement

CEO Jim Wilson said the moves were the “best decision to protect the company and its shareholders.” The auction process in U.S. bankruptcy proceedings will “maximize the proceeds” going to shareholders, he added.

Creditors include accounting firm Deloitte & Touche, and retail stores Kmart and Wal-Mart Stores, although none are owed more than $250,000. Blue Bay is not listed as one of the U.S. operations' creditors.

Atari, which turned 40 last year, was a videogame pioneer with games like “Pong” and “Centipede,” but has changed ownership several times amid financial problems. In its filing with the U.S. Bankruptcy Court in the Southern District of New York, Atari said it had $1 million to $10 million in assets and $10 million to $50 million in debt. It is seeking approval for $5.25 million in debtor-in-possession financing from investment firm Tenor Capital Management.

Atari said it expects to sell its assets or confirm a restructuring plan within the next three to six months.

Atari S.A., which trades on the Euronext Paris market of NYSE Euronext, has requested trading of its shares be suspended.


Read the rest of the story on Oklahoman.com
NewsOK.com has disabled the comments for this article.

AROUND THE WEB

  1. 1
    Tahlequah police tighten patrols in response to high-profile cases of violence toward officers
  2. 2
    Merle Haggard Laments New Country Music About 'Screwing on a Tailgate'
  3. 3
    Migrants Fleeing Hungary Start a Long March Toward Germany
  4. 4
    When Pets Do Pot: A High That's Not So Mighty
  5. 5
    What Diseases Can You Get from a Water Fountain?
+ show more

FEATURED JOBS



× Trending business Article