Atari to Exit Bankruptcy With Three-Year Recovery Plan
The US Bankruptcy Court approved a plan for Atari to exit bankruptcy after the company filed for bankruptcy protection almost a year ago.
Some of the most well-known games came from Atari, but the company has struggled recently. In what Judge James Peck of the US Bankruptcy Court called a "difficult case," Atari will exit bankruptcy from its parent company Atari S.A.
Atari will pay Bankruptcy lender Alden Global Capital the full $3.8 million. Atari will also pay its unsecured creditors up to $560,000 the first year, an additional $560,000 the second year, and $630,000 the third year. Atari's creditors unanimously supported this plan despite being owed $10.3 million. Atari S.A. will contribute $3.4 million and an additional $1.75 million once Atari exits bankruptcy.
bid on strategy classics [http://www.escapistmagazine.com/news/view/121617-Atari-Inc-Files-for-Bankruptcy] Total Annihilation and Master of Orion in July. Nordic Games picked up Desparados and Silver during this time.
Atari's return to its feet is good news for the company. Hopefully this time it will be able to turn things around and be well-remembered for more than Pong.
Source: Wall Street Journal [http://online.wsj.com/news/articles/SB10001424052702303497804579240054015755022]
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Some of the most well-known games came from Atari, but the company has struggled recently. In what Judge James Peck of the US Bankruptcy Court called a "difficult case," Atari will exit bankruptcy from its parent company Atari S.A.
Atari will pay Bankruptcy lender Alden Global Capital the full $3.8 million. Atari will also pay its unsecured creditors up to $560,000 the first year, an additional $560,000 the second year, and $630,000 the third year. Atari's creditors unanimously supported this plan despite being owed $10.3 million. Atari S.A. will contribute $3.4 million and an additional $1.75 million once Atari exits bankruptcy.
bid on strategy classics [http://www.escapistmagazine.com/news/view/121617-Atari-Inc-Files-for-Bankruptcy] Total Annihilation and Master of Orion in July. Nordic Games picked up Desparados and Silver during this time.
Atari's return to its feet is good news for the company. Hopefully this time it will be able to turn things around and be well-remembered for more than Pong.
Source: Wall Street Journal [http://online.wsj.com/news/articles/SB10001424052702303497804579240054015755022]
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