Atari Files for Bankruptcy, Looks to Escape French Parent Company
January 22, 2013 1:00 PM
comment(s) - last by
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.
The Los Angeles Times
This article is over a month old, voting and posting comments is disabled
1/23/2013 11:26:16 AM
Ultimately everything had to get processed through the Genesis unit itself, which was only 16-bit. I don't remember all the specifics of the thing at the time, but it boiled down to the Genesis base unit itself basically becoming a thunking layer.
"A lot of people pay zero for the cellphone ... That's what it's worth." -- Apple Chief Operating Officer Timothy Cook
Atari Greatest Hits App Now Available for iOS
April 7, 2011, 4:27 PM
Atari Founder Forecasts PlayStation 3 Failure
November 9, 2006, 8:49 AM
Retiree Sues Apple For $7,500 for Wiping Honeymoon Photos From His iPhone
November 30, 2015, 10:23 AM
iPhone 7 May Pack 3-4 GB Memory, More Storage; 4-Inch Comeback is Rumored
November 20, 2015, 10:12 PM
OnePlus One, OnePlus 2 Will Receive Android Marshmallow in Q1 2016
November 16, 2015, 9:58 AM
Lenovo Whoa: Motorola Droid MAXX 2 and Turbo 2 Break Cover in Leaks
October 26, 2015, 3:12 PM
Leak: Apple Preps for First Real Android App Foray With New Apple Music App
October 24, 2015, 1:59 PM
Pepsi Smartphone? Empty Calories Coming Soon to the Midrange
October 12, 2015, 11:41 PM
Most Popular Articles
Free Windows 10 offer ends July 29th, 2016: 10 Reasons to Upgrade Immediately
July 22, 2016, 9:19 PM
Top 5 Smart Watches
July 21, 2016, 11:48 PM
2017 Porsche Panamera: I’ll Take Three of These.
July 24, 2016, 6:44 PM
Latest Blog Posts
Sceptre Airs 27", 120 Hz. 1080p Monitor/HDTV w/ 5 ms Response Time for $220
Dec 3, 2014, 10:32 PM
Costco Gives Employees Thanksgiving Off; Wal-Mart Leads "Black Thursday" Charge
Oct 29, 2014, 9:57 PM
"Bear Selfies" Fad Could Turn Deadly, Warn Nevada Wildlife Officials
Oct 28, 2014, 12:00 PM
The Surface Mini That Was Never Released Gets "Hands On" Treatment
Sep 26, 2014, 8:22 AM
ISIS Imposes Ban on Teaching Evolution in Iraq
Sep 17, 2014, 5:22 PM
More Blog Posts
Copyright 2016 DailyTech LLC. -
Terms, Conditions & Privacy Information