Wrestling with tough market conditions, video game pioneer Atari SA has filed for bankruptcy protection in Paris and New York.
That is because it has failed to find a replacement for its main shareholder and sole lender – a company called BlueBay. It owes 21 million euros to BlueBay.
The US side of the business plans to sell or restructure nearly all of its assets in the next three to four months.
Atari SA said no investor had been willing to replace BlueBay as its reference shareholder and main creditor because of its listing on the stock market in France as well as its complicated capital structure and the difficult economic and operating environment.
Atari SA Chief Executive Jim Wilson said the decision to seek bankruptcy protection was the best option to protect the company and shareholders, and said it would seek to maximise proceeds.
Atari’s game titles include Pong, Asteroids, Centipede, Missile Command, Battlezone and Tempest.