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The US operations of the iconic video game maker has filed for bankruptcy in a bid to break free from its French parent company.
Atari and three of its affiliates filed petitions for Chapter 11 reorganization in US Bankruptcy Court in New York this weekend.
“The Chapter 11 process constitutes the most strategic option for Atari’s US operations, as they look to preserve their inherent value and unlock revenue potential unrealized while under the control of Atari SA During this period, the company expects to conduct its normal business operations,” the company’s announcement reads.
The long-standing developer and publisher has secured $5.25m of debtor-in-possession financing to continue operations while proceedings move forward.
The company is selling all of its assets, including Pong, Asteroids, Missile Command, and Tempest.
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