Atari — the iconic company and that helped spearhead the videogames industry 40 years ago with titles like Pong, Asteroids and Centipede, as well as consoles to evolve the consumer electronics field — has filed for Chapter 11 bankruptcy protection to “separate from the structural financial encumbrances” of its French parent, Atari S.A., and to seek “independent capital for future growth” in digital and mobile games. The company may restructure as an independent entity, or it might get sold off in whole or in parts. The filing was made in the United States Bankruptcy Court for the Southern District of New York and covers Atari Inc., Humongous Inc. and California US Holdings Inc.. As part of that process, it says it is looking to secure $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
The full story can be read/found on Atari Inc. Files For Ch. 11 To Separate From Troubled French Parent, And Sell Or Restructure Famous Gaming Assets
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