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Bloomberg: Atari U.S. Operations File for Chapter 11 Bankruptcy

Date: Jan 21, 2013 @ 07:41 AM
Filed Under: Bankruptcy

Bloomberg reported that Atari SA’s U.S.-based video-game- making businesses have filed for bankruptcy protection in Manhattan with the intention of separating from the unprofitable French parent and seeking independent funding.

According to the Bloomberg report,  Atari Inc., as well as affiliates Atari Interactive Inc., Humongous Inc. and California U.S. Holdings Inc., asked to be jointly administered in filings in U.S. Bankruptcy Court, according to a statement.

In December, Atari said it was strained for cash. The French parent, which has not posted a profit since 1999 despite asset sales and restructuring, forecast a “significant loss” in 2012-2013, and said it would weigh all means of raising cash and had been talking to potential investors, according to the report.

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