The Financial Times among others are reporting that video game pioneer Atari has filed for Bankruptcy protection:
The company said on Monday that its main shareholder and sole lender, BlueBay, was no longer able to provide support. A spokesperson for BlueBay declined to comment. BlueBay owns just under two-thirds of Atari on a fully diluted basis.
Atari’s US operation, which has filed for a Chapter 11 bankruptcy process, said that it would conduct normal business operations during this period. It has approval to obtain $5m of debtor-in-possession financing from Tenor Capital Management, a firm specialising in distressed lending.
Atari SA has filed for bankruptcy procedures before the French courts, under Book 6 of the French Commercial Code. Its shares, which have collapsed from a high of €1,504 in 2000 to below €1, were suspended from trading on Monday.
For those of you who did not grow up in the 1970’s or 1980’s, here’s why this is a story. Atari created the world’s first commercial video game. Pong. That started the video game craze that those of the XBox generation now enjoy. Thus without Atari, there would be no Call Of Duty. Now to be fair, they have tried to bring their classic video games to platforms like the iPhone, but their high water mark was the 1980’s. They haven’t really been the same since.
Here’s hoping that they get an extra life.
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This entry was posted on January 21, 2013 at 6:27 pm and is filed under Commentary with tags Atari. You can follow any responses to this entry through the RSS 2.0 feed.
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Atari Files For Bankruptcy….. Game Over?
The Financial Times among others are reporting that video game pioneer Atari has filed for Bankruptcy protection:
The company said on Monday that its main shareholder and sole lender, BlueBay, was no longer able to provide support. A spokesperson for BlueBay declined to comment. BlueBay owns just under two-thirds of Atari on a fully diluted basis.
Atari’s US operation, which has filed for a Chapter 11 bankruptcy process, said that it would conduct normal business operations during this period. It has approval to obtain $5m of debtor-in-possession financing from Tenor Capital Management, a firm specialising in distressed lending.
Atari SA has filed for bankruptcy procedures before the French courts, under Book 6 of the French Commercial Code. Its shares, which have collapsed from a high of €1,504 in 2000 to below €1, were suspended from trading on Monday.
For those of you who did not grow up in the 1970’s or 1980’s, here’s why this is a story. Atari created the world’s first commercial video game. Pong. That started the video game craze that those of the XBox generation now enjoy. Thus without Atari, there would be no Call Of Duty. Now to be fair, they have tried to bring their classic video games to platforms like the iPhone, but their high water mark was the 1980’s. They haven’t really been the same since.
Here’s hoping that they get an extra life.
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This entry was posted on January 21, 2013 at 6:27 pm and is filed under Commentary with tags Atari. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.