Atari to Exit Bankruptcy With Three-Year Recovery Plan

roseofbattle

News Room Contributor
Apr 18, 2011
2,306
0
0
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]


Permalink
 

Covarr

PS Thanks
May 29, 2009
1,559
0
0
The Atari name is poison. Give it time, they'll find another way to destroy the company. They always do.

P.S. Thanks
 

AstaresPanda

New member
Nov 5, 2009
441
0
0
maybe get Chris Taylor to help them make a TOTAL ANNIHILATION 2 as they have the ip i think last i heard. Done right that could make them money
 

Thaluikhain

Elite Member
Legacy
Apr 4, 2020
14,760
655
118
Not expecting them to release the second part of Blade Kitten, but maybe...
 

Strazdas

Robots will replace your job
May 28, 2011
8,407
0
0
This is good only if that means the company will be semi-conciuos for another 3 years so noone else can use thier name to abuse.