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Home News Atari Files Chapter 11 Bankruptcy

GAMING NEWS

Atari Files Chapter 11 Bankruptcy

Posted on Monday, January 21 @ 07:55:00 Eastern by Keri_Honea

Atari has indeed filed for Chapter 11 bankruptcy, but its reasons for doing so aren't as dire as they seem. Atari Inc. and three of its affiliates filed for Chapter 11 reorganization as a method to break the American-based business away from its French parent, Atari S.A. They also hope to find a buyer in the next few months to make the company private. According to the LA Times, their plan is to grow a "modest business focused on digital and mobile platforms."

Atari itself has been steeped in financial troubles for several decades. Atari in the US has slowly been improving over the last few years, mostly thinaks to developing an Atari "greatest hits" compliation for smart phones and the web. The French parent has also been steadily improving over the last couple years, but hasn't been largely profitable due to its subsidiary, Eden Games, which has been up for sale and continually loses money.

What has really killed Atari's profitability is its practically complete reliance upon a London financial company, BlueBay Asset Management, for liquid assets. On December 31st, a $28-million credit with BlueBay lapsed, which halted Atari's work on releasing games currently in progress.

As part of Atari Inc's reorganization plan, it has secured a commitement for $5.25 million in debtor-in-possession financing in order to continue operations and release these games. As soon as the Chapter 11 is complete, and assuming it is successful, Atari Inc. could walk away with little to no debt owed to BlueBay. As a result, Atari's businesses in France would either hunt down a buyer or dissolve altogether.
Tags:   Atari


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Comments
  • oblivion437
    oblivion437
    Joined: Nov 2006
    Posted: Jan 21st, 2013 at 11:44 am
    Wow, blast from the past. Atari is collapsing, game devs are practically ripping each other off, creativity is being stifled at every turn, and PC gaming is waxing full once more. All we need is a cheesy action flick starring Stallo-...oh crap. Guys, don't make too much noise but I think we've been sent back to 1982.
    0 1
  • tinymhg
    tinymhg
    Joined: Jun 2011
    Posted: Jan 21st, 2013 at 1:19 pm
    I loved '82! I was 19 and going to college, yeah, killed allot of brain cells that year.
    0 2
  • OdiousLupous
    OdiousLupous
    Joined: Jul 2011
    Posted: Jan 21st, 2013 at 2:16 pm
    I was 2-3 years old. Ate 4 of my mothers cigarettes, drew my favorite scenes from E.T. on the wall in crayon, and also ate a whole bottle of Flintstones vitamins. The poison control center told my mother it was okay, Id just be Shitting orange for a day or two. Good times, good times.
    0 3
  • tinymhg
    tinymhg
    Joined: Jun 2011
    Posted: Jan 21st, 2013 at 6:06 pm
    Anytime you sh!t orange is good times.
    0 1
  • Ivory_Soul
    Ivory_Soul
    Joined: Nov 2005
    Posted: Jan 21st, 2013 at 12:40 pm
    I can't think of a single Atari IP besides Pong, Driver, and Ghostbusters. They have 0 IPs that most gamers would know besides Pong. Most of there game releases are really bad and result in poor sales. They were responsible for the first video game crash in the 70's...probably for the best that they go.
    0 0
  • oblivion437
    oblivion437
    Joined: Nov 2006
    Posted: Jan 21st, 2013 at 6:13 pm
    Did they lose the D&D license?
    0 0
  • Ivory_Soul
    Ivory_Soul
    Joined: Nov 2005
    Posted: Jan 22nd, 2013 at 2:14 pm
    Long time ago. They gain licenses and lose them because the owners of the licenses don't see any sales or advertisement for the games. Atari just sits there hoping people will notice like some shy school boy.
    0 0
  • oblivion437
    oblivion437
    Joined: Nov 2006
    Posted: Jan 23rd, 2013 at 5:18 am
    They'd probably still have that license, and be doing a lot better right now, if they had gone ahead with that deal and made Baldur's Gate III.
    0 0
  • xDUMPWEEDx
    xDUMPWEEDx
    Joined: Jan 2012
    Posted: Jan 21st, 2013 at 1:15 pm
    Atari has been dead ever since the Jaguar died. The Jaguar was their last attempt to make it back, but as we all know it turned out to be a complete failure. The Jaguar had one of the worst launch lineups in video game history.
    0 0
  • Ivory_Soul
    Ivory_Soul
    Joined: Nov 2005
    Posted: Jan 21st, 2013 at 2:25 pm
    As the Brits pronounce it "Jag-You-Are"
    0 0
  • xclant
    xclant
    Joined: Nov 2005
    Posted: Jan 21st, 2013 at 4:53 pm
    my old Atari 2600 is still going strong with well over 23 years of hard use atari will forever have my respect for that and will continue to do so until the day the console dies its something i know from experience Microsoft and Sony cannot do......
    0 1

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