backtop


Print


  (Source: awesomeclassicgames.com)
Atari's U.S. operations hope to be bought and made private

Atari's U.S. operations filed for bankruptcy this week in an attempt to escape its French parent, Atari S.A.

Atari, which has been around for 41 years now, is famous for making video games like "Asteroids" and "Pong." However, the game maker has been in financial trouble for some time now.

In the early 2000s, Atari became closely associated with French company Infogrames. In 2003, the company changed its name to Atari S.A., and five years later, it acquired all of Atari's American gaming assets.

Atari attempted to stay relevant by offering mobile versions of its games for smartphones and tablets while also updating games like "Pong." But the parent company still struggled to stay profitable.

Part of the issue is Atari's dependence on BlueBay Asset Management for cash. BlueBay is a financial company in London, and on December 31, a $28 million credit facility with BlueBay failed to be maintained. This stopped Atari from releasing new games.

However, over the last two years, Atari S.A. did report profitable earnings for the first time in a decade. But these earnings were very low, at $11 million for the last two years. But revenue did fall 34 percent in 2012 and 43 percent in 2011.

Now, Atari and three of its affiliates have filed for bankruptcy in the U.S. Bankruptcy Court in New York on Sunday. The U.S. operations hope to leave Atari S.A. and obtain a new buyer. This would take the company private.


Source: The Los Angeles Times





"If you can find a PS3 anywhere in North America that's been on shelves for more than five minutes, I'll give you 1,200 bucks for it." -- SCEA President Jack Tretton
Related Articles



Latest Headlines
Are You in the Market for Earphones?
March 24, 2017, 7:35 AM
Samsung Galaxy S8, Rumored Launch Date!
March 18, 2017, 6:45 AM
How about Leica Cameras
March 13, 2017, 6:30 AM
A Baseball Cap With Camera
March 3, 2017, 7:00 AM
Nokia 3310 with longer battery life
February 28, 2017, 7:05 AM




Latest Blog Posts
What else to worry about?
Saimin Nidarson - Mar 17, 2017, 6:45 AM
Todays’ Life
Saimin Nidarson - Mar 14, 2017, 7:30 AM
News and Tips
Saimin Nidarson - Mar 13, 2017, 6:30 AM
Some News
Saimin Nidarson - Mar 8, 2017, 7:09 AM
News
Saimin Nidarson - Mar 7, 2017, 8:45 AM
World news 3-6
Saimin Nidarson - Mar 6, 2017, 5:40 AM
Mixed News
Saimin Nidarson - Mar 4, 2017, 7:40 AM
Mixed News of the Day
Saimin Nidarson - Mar 4, 2017, 6:32 AM
Mixed News of The World:
Saimin Nidarson - Mar 2, 2017, 7:02 AM
World New 3-1
Saimin Nidarson - Mar 1, 2017, 6:30 AM






botimage
Copyright 2017 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki