Atari U.S. Operations File for Chapter 11 Bankruptcy - GoFuckYourself.com

wehateporn · 01-21-2013, 06:15 PM

http://www.bloomberg.com/news/2013-0...ankruptcy.html

Atari SA?s U.S.-based video-game- making businesses filed for bankruptcy protection in Manhattan with the intention of separating from the unprofitable French parent and seeking independent funding.

New York-based Atari Inc., maker of video games ?Pong? and ?Asteroids,? as well as affiliates Atari Interactive Inc., Humongous Inc. and California U.S. Holdings Inc., asked to be jointly administered in filings today in U.S. Bankruptcy Court, according to a statement.
Enlarge image Atari U.S. Units File for Chapter 11 to Break From Parent

?Within the next 90 to 120 days, the companies expect to effectuate a sale of all, or substantially all, of their assets,? in a free and clear sale under the U.S. bankruptcy laws, or confirm reorganization plans that ?accomplish substantially the same result,? according to the statement.

Atari was founded in 1972 and became a pioneer in arcade and video games. Today it lags behind game-making giants such as Activision Blizzard Inc. (ATVI), the world?s largest by sales, and Electronic Arts Inc. (EA)

Atari owns or manages more than 200 brands, including ?Centipede,? ?Missile Command? and ?Rollercoaster Tycoon.? Its games can be played online, on mobile devices and on consoles from Microsoft Corp. (MSFT), Sony Corp. (6758) and Nintendo Co., according to its website.
?Significant Loss?

The move to separate the U.S. business comes after the parent company Atari said in December it was strained for cash. The French parent, which hasn?t made a profit since 1999 despite asset sales and restructuring, forecast a ?significant loss? in 2012-2013, and said it would weigh all means of raising cash and had been talking to potential investors.

Related content: The Evolution of the Video Game

According to its Chapter 11 petition, Atari owes $10 million to $50 million to at least 200 creditors and possibly as many as 999. It reported assets of $1 million to $10 million.

?The Chapter 11 process constitutes the most strategic option for Atari?s U.S. operations, as they look to preserve their inherent value and unlock revenue potential unrealized while under the control of Atari SA (ATA),? according to today?s statement. ?During this period, the company expects to conduct its normal business operations.?

The corporate parent issued a separate, later statement saying it was seeking related relief under the laws of France.
Shares Fall

Atari fell as much as 5.6 percent to 84 centimes in Paris trading before closing at 86 centimes, down nearly 3.4 percent. The company has a market value of about 25.4 million euros ($33.8 million), a drop of about half over the past year.

The U.S. companies are seeking approval to obtain $5.25 million in debtor-in-possession financing from funds managed by New York-based Tenor Capital Management, according to the earlier statement.

Atari also requested court permission to pay pre-filing wages and benefits to its 48 employees, four of whom are paid by the hour, the remainder of whom are salaried. Average gross semi-monthly payroll is $258,600, according to court documents. As of its bankruptcy, about $90,000 of those wages and salaries remain unpaid, according to the filing.

The company also asked for permission to pay prepetition claims of ?critical? vendors and for other interim relief.

The case is In re Atari Inc., 13-bk-10176, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

_Richard_ · 01-21-2013, 06:17 PM

first computer

candyflip · 01-21-2013, 07:59 PM

They should start a Kickstarter campaign.

Rochard · 01-21-2013, 08:14 PM

Sad day!

BigChad · 01-21-2013, 08:44 PM

I didn't even know they were still around.

Mr Pheer · 01-21-2013, 09:31 PM

Quote:

Originally Posted by BigChad

I didn't even know they were still around.

It hasnt been the same company since the 1996 when Jack Tramiel sold it to JS Storage.

CAHEK · 01-21-2013, 09:39 PM

"Atari owes $10 million to $50 million to at least 200 creditors and possibly as many as 999. It reported assets of $1 million to $10 million. "

Thats a way to go

xXXtesy10 · 01-21-2013, 10:56 PM

Adapt or die

baryl · 01-21-2013, 11:20 PM

They need to concentrate on the hipster t-shirt business.

BumpUglyz · 01-22-2013, 06:03 AM

Very sad when you see something you grew up go away

GFED · 01-22-2013, 06:08 AM

I thought they already went bankrupt in the late 80s before Commodore died.

Harmon · 01-22-2013, 06:08 AM

Yeah, the ice hockey was so realistic

spiederman · 01-22-2013, 06:59 AM

Quote:

Originally Posted by Harmon

Yeah, the ice hockey was so realistic

seeandsee · 01-22-2013, 07:18 AM

shut it down, time of atari is finished

flashfire · 01-22-2013, 11:23 AM

Quote:

Originally Posted by Harmon

Yeah, the ice hockey was so realistic

had this game it was awesome

nikki99 · 01-22-2013, 11:23 AM

I had the missile command

Harmon · 01-22-2013, 11:25 AM

Quote:

Originally Posted by flashfire

had this game it was awesome

Me too, played it for hours on end. Loved it.

Pacman (on Atari 2600), not so much

Tofu · 01-22-2013, 11:26 AM

One of my favorite games, EVER!!!!!!

Chi · 01-22-2013, 03:26 PM

Game over

baryl · 01-22-2013, 03:31 PM

Quote:

Originally Posted by GFED

I thought they already went bankrupt in the late 80s before Commodore died.

It's not the same Atari company from the 80's. Someone else bought the name. However that name has been synonymous with terrible, terrible business choices for 30 years. Yet they keep coming back and fucking up.

01-21-2013, 06:15 PM	#1
wehateporn Promoting Debate on GFY Industry Role: Join Date: Apr 2007 Posts: 27,176	Atari U.S. Operations File for Chapter 11 Bankruptcy http://www.bloomberg.com/news/2013-0...ankruptcy.html Atari SA?s U.S.-based video-game- making businesses filed for bankruptcy protection in Manhattan with the intention of separating from the unprofitable French parent and seeking independent funding. New York-based Atari Inc., maker of video games ?Pong? and ?Asteroids,? as well as affiliates Atari Interactive Inc., Humongous Inc. and California U.S. Holdings Inc., asked to be jointly administered in filings today in U.S. Bankruptcy Court, according to a statement. Enlarge image Atari U.S. Units File for Chapter 11 to Break From Parent ?Within the next 90 to 120 days, the companies expect to effectuate a sale of all, or substantially all, of their assets,? in a free and clear sale under the U.S. bankruptcy laws, or confirm reorganization plans that ?accomplish substantially the same result,? according to the statement. Atari was founded in 1972 and became a pioneer in arcade and video games. Today it lags behind game-making giants such as Activision Blizzard Inc. (ATVI), the world?s largest by sales, and Electronic Arts Inc. (EA) Atari owns or manages more than 200 brands, including ?Centipede,? ?Missile Command? and ?Rollercoaster Tycoon.? Its games can be played online, on mobile devices and on consoles from Microsoft Corp. (MSFT), Sony Corp. (6758) and Nintendo Co., according to its website. ?Significant Loss? The move to separate the U.S. business comes after the parent company Atari said in December it was strained for cash. The French parent, which hasn?t made a profit since 1999 despite asset sales and restructuring, forecast a ?significant loss? in 2012-2013, and said it would weigh all means of raising cash and had been talking to potential investors. Related content: The Evolution of the Video Game According to its Chapter 11 petition, Atari owes $10 million to $50 million to at least 200 creditors and possibly as many as 999. It reported assets of $1 million to $10 million. ?The Chapter 11 process constitutes the most strategic option for Atari?s U.S. operations, as they look to preserve their inherent value and unlock revenue potential unrealized while under the control of Atari SA (ATA),? according to today?s statement. ?During this period, the company expects to conduct its normal business operations.? The corporate parent issued a separate, later statement saying it was seeking related relief under the laws of France. Shares Fall Atari fell as much as 5.6 percent to 84 centimes in Paris trading before closing at 86 centimes, down nearly 3.4 percent. The company has a market value of about 25.4 million euros ($33.8 million), a drop of about half over the past year. The U.S. companies are seeking approval to obtain $5.25 million in debtor-in-possession financing from funds managed by New York-based Tenor Capital Management, according to the earlier statement. Atari also requested court permission to pay pre-filing wages and benefits to its 48 employees, four of whom are paid by the hour, the remainder of whom are salaried. Average gross semi-monthly payroll is $258,600, according to court documents. As of its bankruptcy, about $90,000 of those wages and salaries remain unpaid, according to the filing. The company also asked for permission to pay prepetition claims of ?critical? vendors and for other interim relief. The case is In re Atari Inc., 13-bk-10176, U.S. Bankruptcy Court, Southern District of New York (Manhattan). __________________ Sexy Girls Teasing

01-21-2013, 07:59 PM	#3
candyflip Carpe Visio Industry Role: Join Date: Jul 2002 Location: New York Posts: 43,064	They should start a Kickstarter campaign. __________________ Spend you some brain. Email Me

01-21-2013, 08:14 PM	#4
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01-21-2013, 09:39 PM	#7
CAHEK C.C.C.P. Industry Role: Join Date: Aug 2003 Location: Novorossiya Posts: 7,092	"Atari owes $10 million to $50 million to at least 200 creditors and possibly as many as 999. It reported assets of $1 million to $10 million. " Thats a way to go __________________ Pharma from True-Meds. High converting shop in Europe and USA, fast payouts via BTC !!!

01-21-2013, 06:17 PM	#2
_Richard_ Too lazy to set a custom title Industry Role: Join Date: Oct 2006 Location: Earth Posts: 30,989	first computer

01-21-2013, 10:56 PM	#8
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baryl Confirmed User Industry Role: Join Date: Aug 2011 Location: Las Vegas Posts: 1,086	They need to concentrate on the hipster t-shirt business.

01-22-2013, 06:03 AM	#10
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01-22-2013, 06:08 AM	#11
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01-22-2013, 06:08 AM	#12
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01-22-2013, 07:18 AM	#14
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