Atari Files Reorganization Plan to Exit Bankruptcy
by Joel R. Glucksman on October 4, 2013
Video-game maker Atari, Inc. has filed a reorganization plan in the U.S. Bankruptcy Court in Manhattan with the support of its French parent company Atari SA.
In its filing, the bankrupt game-maker said it intends to give unsecured creditors a recovery of as much as 25 percent, Bloomberg reports. The company had intended to break away from its,parent company altogether - which has not posted a profit in 14 years - but has since decided to,move forward with the support of Atari SA, which is sponsoring the restructuring plan.
"The plan effectuates a restructuring transaction under which the sponsor will make
contributions to the estates sufficient to ensure a meaningful recovery to holders of general unsecured claims," the company said in its filing, according to Bloomberg.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.