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Atari SA Announces New Shareholders to Replace BlueBay Funds

Tuesday, 5 Feb 2013 04:21am EST 

Atari SA announced that it has been informed by The BlueBay Value Recovery (Master) Fund Limited, and The BlueBay Multi-Strategy (Master) Fund Limited (together "BlueBay"), that BlueBay has agreed to enter into a binding agreement for the acquisition of all of BlueBay's interests in the Atari group presented by Ker Ventures, LLC ("Ker Ventures") and Alden Global Capital on behalf of Alden Global Value Recovery Master Fund, L.P. Ker Ventures, or any affiliates, will acquire from BlueBay 7,451,122 ordinary Atari shares and 291,600 New ORANEs 2009 (giving access to 5,528,736 ordinary Atari shares). At closing, Ker Ventures will hold 7,451,122 ordinary Atari shares representing 25.23% of Atari`s share capital and voting rights on a non-diluted basis, and potentially, with the New ORANEs 2009, 18.96% on a fully diluted basis. The aggregate consideration to be paid by Ker Ventures is EUR 400. The Alden Fund will acquire the Senior Loan of c. EUR 21 million. The Alden Fund will also acquire the remaining mandatory convertible debt instruments held by BlueBay, being 342,095 ORANEs 2009 (giving access to 10,019,963 ordinary Atari shares), 152,636 ORANEs 2010 (giving access to 4,028,064 shares), and 795,023 New ORANEs 2009 (giving access to 15,073,636 ordinary Atari shares), as well as the remaining 1,165,176 ordinary Atari shares held by BlueBay, and potentially, with the ORANEs 2009, New ORANEs 2009 and ORANEs 2010, 44.2% on a fully diluted basis. 

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10:55am EDT