Video game maker Atari files for bankruptcy.
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Dcmac
Kusanagi
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Keiichi Morisato
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Video game maker Atari files for bankruptcy.
Say it aint so!!!
Video game company Atari SA said it has filed for bankruptcy protection in Paris and New York after it failed to find a successor to main shareholder and sole lender BlueBay.
The US operations plan, in addition, to separate from their French parent to seek independent capital to grow in
digital and mobile games, Atari Inc said in a statement on Monday.
The US businesses plan to sell or restructure all or almost all of their assets in the next three to four months and are seeking $5.25 million in financing from Tenor Capital, Atari Inc added.
Atari SA said it had taken the steps to protect itself from creditors as its credit facility with BlueBay was due on March 31 and because of the "strain on cash resources" due to "adverse trading conditions and limited development funds".
Atari SA said no investor had been willing to replace BlueBay as its reference shareholder and main creditor because of its French listing, complicated capital structure and the difficult economic and operating environment.
The company said it owes 21 million euros ($28 million) to BlueBay.
Atari SA Chief Executive Jim Wilson said the company's decision to seek bankruptcy protection was the best option to protect the company and shareholders, and said it would seek to maximise proceeds.
Atari Inc added: "The Chapter 11 process constitutes the most strategic option for Atari's US operations, as they look to preserve their inherent value and unlock revenue potential unrealised while under the control of Atari SA."
Atari's game titles include Pong, Asteroids, Centipede, Missile Command, Battlezone and Tempest.
Source
Keiichi Morisato- Professional Procrastinator
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Re: Video game maker Atari files for bankruptcy.
Kinda sad it had to end this way but to be honest I can't recall a single game I've played from them in recent memory. They just aren't what they used to be.
MiniSiets- Mad Scientist
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Re: Video game maker Atari files for bankruptcy.
MiniSiets wrote:Kinda sad it had to end this way but to be honest I can't recall a single game I've played from them in recent memory. They just aren't what they used to be.
Agreed. They are history and made good classics, but they haven't done anything notable recently to the extent of my knowledge. It sucks, but it isn't unfair or unreasonable.
Kusanagi- Moderator
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Re: Video game maker Atari files for bankruptcy.
Atari sucks, and this isn't even the same Atari that made the 2600, etc. Some company just snatched up the brand to sell nostalgic crap, and I'm guessing the cycle will repeat itself.
Dcmac- Gillian
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Re: Video game maker Atari files for bankruptcy.
the US division will say in force, which i guess is ok, as most of the games we probally know of came from it (recent games anyway) outside of that....idk, i just hope sega doesnt fall the same path, an old classic, forced into software-only, then dieing off
DemonEyesJoe- Vasto Lorde
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Re: Video game maker Atari files for bankruptcy.
So what will happen to Pong's sequel?
Seriously though it's just the sign of the times. They'll be other video game companies to always pick up the slack.
Seriously though it's just the sign of the times. They'll be other video game companies to always pick up the slack.
Doomguy- Vasto Lorde
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Re: Video game maker Atari files for bankruptcy.
i think EA and Activion need to get a nip in the butt, these super producers are making these smaller guys go bankrupt.
DemonEyesJoe- Vasto Lorde
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Re: Video game maker Atari files for bankruptcy.
DemonEyesJoe wrote:i think EA and Activion need to get a nip in the butt, these super producers are making these smaller guys go bankrupt.
Neither one of them give two shits about gamers.
Keiichi Morisato- Professional Procrastinator
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Re: Video game maker Atari files for bankruptcy.
Keiichi Morisato wrote:DemonEyesJoe wrote:i think EA and Activion need to get a nip in the butt, these super producers are making these smaller guys go bankrupt.
Neither one of them give two shits about gamers.
Battlefield 3 broke my heart, it was great it and of itself, but, it wasnt what was promised, at all, there was alot of lieing, and alot of BS, i dont want to go into this, but you can look it up how much BF3 screwed over BF fans to appeal to the COD fanbase, and console gamers, even though PC was always its main platform, but we got the port
DemonEyesJoe- Vasto Lorde
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Re: Video game maker Atari files for bankruptcy.
Wait? Atari was still alive up to now?
Belsfir- Bronze Saint
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Re: Video game maker Atari files for bankruptcy.
Sad but unavoidable. I used to have an Atari 1040stfm and had loads of fun playing games on it but it was also great for word processing.
BK-201- Shinigami
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