Video games pioneer Atari has filed for bankruptcy in the US, in a bid to protect itself from its French parent company?s debt problems.
The firm that gave the world Pong more than 40 years ago wants its US business, along with three other companies, Atari Interactive, Humongous, and California U.S. Holdings, to be separate from the French parent company known as Atari S.A., which is having ?structural financial encumbrances? Atari said in a statement.
Over the next three months, the three US companies expect to either sell all their assets (including all its brands and logos) or reorganize the companies in such a way that they would be separate Atari S.A.. During this period, it is expected Atari will conduct its normal business operations. The Atari-owned firms filed petitions for relief under chapter 11 of the US bankruptcy code in the US Bankruptcy Court for the Southern District of New York.
Atari has just 40 employees in the US and is run by Chief Executive Jim Wilson, who joined the firm in 2008 and took the helm in 2010, when he became CEO of the French parent.
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Source: http://www.pcworld.com/article/2025822/atari-files-for-bankruptcy-but-it-s-not-game-over.html
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