The real one!
The Wall Street Journal reported that gaming corporation Atari’s U.S. department received legal approval on Dec. 5 for a 36-month contingency and recovery strategy.
The brand filed for Chapter 11 bankruptcy in January 2013 in an attempt to detach from its parent company. Atari then tried to sell its intellectual-property rights – which included a library of over 200 games. The assets were originally priced at $22.2 million. However, The Wall Street Journal reported that only 15 preliminary bids were made and none were considered “acceptable” to the brand, which ended up selling its IPs separately.
U.S. Bankruptcy Court’s Judge James Peck made the decision yesterday to approve the plan, which was supported by the brand’s unsecured creditors, whom are owed a total of $10.3 million. Peck, whose office is located in lower Manhattan, called the case a “difficult” one.
The corporation will be asked to return the entire $3.8 million owed to lender Alden Global Capital, a midtown-based privately-owned hedge fund sponser in NYC. Atari will then use its remaining funds to pay $560,000 per year for the next two years to its lenders. During the third year, Atari will pay off the remaining amount of $630,000.
Looks like Atari also has some money to work with for the next 3 years as well. The last news from them before this was potentially working on the new NVN which i have heard nothing about since so maybe that will be finished at some point now.