Atari, the maker of iconic video games such as Pong and Asteroids, has filed for bankruptcy protection in Paris and New York after it failed to acquire a successor to its main shareholder and lender BlueBay.
Atari also plans to separate its US operations from its parent company, Paris-headquartered Atari SA, which has also filed for bankruptcy.
“In light of the current situation with BlueBay, we have decided to take what we think is the best decision to protect the company and its shareholders,” said company CEO Jim Wilson.
“Through these ongoing procedures, and especially the auction process in the US, we will seek to maximise the proceeds in the best interest of the company and all of its shareholders.”
Atari’s US operations also plan to seek independent capital to grow in digital and mobile games, to sell or restructure all or almost all of its assets by summer, and to seek US$5.25m in financing from Tenor Capital.