Monday, January 21, 2013

Atari files for bankruptcy, hopes to survive by selling off Pong and other assets

Atari files for Chapter 11 bankruptcy aims to sell assets including brand logos, gaming history
Atari Inc. has filed for bankruptcy protection, looking to separate from its not-so-profitable French owners and pitch for independent funding. In the process, theelder statesman of gaming has secured $5.25 million of debtor-in-possession financing and will aim to sell assets, including its famous logo (which is already licensed out) and games like PongAsteroid and Tempest, in the next 90 to 120 days. In the last few years, Atari Inc. has shifted its focus from traditional retail gaming to digital titles and licensing, with mobile platforms proving especially lucrative for the parent company, Atari SA. The gaming arm is aiming for a return to former glory and, it hopes, the chance to go another 40 years.

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