Today's Transactions:
Atari Seeks Bankruptcy and Sale
Atari, which developed Pong, Battlezone and other video games, hopes to sell through the bankruptcy process
Video game company Atari Inc. filed for Chapter 11 bankruptcy protection in Manhattan to separate from its French parent, Atari SA, and sell its assets.
The company hopes to sell within the next 90 to 120 days through a bankruptcy auction, or through a confirmed reorganization plan. Atari makes the games Pong, Asteroids, Centipede, Missile Command, Battlezone, Tempest, Test Drive, Backyard Sports and Humongous.
New York-based Atari filed for Chapter 11 bankruptcy protection on Jan. 21 listing assets between $1 million and $10 million and liabilities between $10 million and $50 million.
Affiliates Atari Interactive Inc., Humongous Inc. and California U.S. Holdings Inc. also sought bankruptcy protection. California U.S. Holdings owns 100 percent of Atari.
Atari is asking for the cases to be jointly administered, according to court documents.
Judge James Peck of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan is assigned to the case. Peter Partee and Michael Richman of Hunton & Williams LLP are debtor counsel.
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