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Atari SA and its US Entities Coordinate to Request Filings for Book 6 Procedures in France and Chapter 11 Protection in the United States; Atari SA Appoints New Chief Financial Officer

Monday, 21 Jan 2013 12:55pm EST 

Atari SA announced that has been informed by its main shareholder and sole lender, BlueBay, that no solution has been found to date for the sale of its holdings in the Company, and that it is not in a position to continue to support the Company, as the two funds invested in the Company (The BlueBay Value Recovery (Master) Fund Limited, and The BlueBay Multi-Strategy (Master) Fund Limited) are in liquidation. With the BlueBay credit facility becoming due on March 31, 2013, and the strain on cash resources experienced by the Company due to adverse trading conditions and limited development funds, management has resolved that it needed to file for Chapter 11 protection in the United States for the US entities of the Atari group. Atari SA and Atari Europe SAS have also filed for related procedures before the French courts pursuant to Book 6 of the French Commercial Code. The U.S. entities expect to effectuate, within the next 90 to 120 days, the sale or restructuring, under Section 363 of the U.S. Bankruptcy Code, of all or most of their assets, and have had approval to obtain USD 5 million in debtor-in-possession financing from one or more affiliates of Tenor Capital, a firm specializing in distressed lending and transactions. As part of the legal process, Mr. Robert Mattes, Group CFO, has stepped down from his Group functions and will remain CFO of the U.S. entities. Mrs. Laurence Betito, Financial Controller of Atari SA, will take over the role of CFO of Atari SA. 

Company Quote

-0.01 -4.35%
19 Dec 2014