Atari U.S. Operations File for Chapter 11
Bloomberg reported that New York-based Atari, a video game manufacturer, filed for bankruptcy protection in Manhattan. The article said the filing is an effort for the company to separate from its unprofitable French parent company and to seek independent funding.
The article cited a statement that Atari and its U.S. affiliate companies are seeking approval of $5.25 million DIP financing from Tenor Capital Management.
According to the article, Atari’s parent company has not made a profit since 1999 despite selling assets and restructuring efforts.
To read the entire Bloomberg story, click here.