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Atari SA Announces Update on Situation in France and Chapter 11 Proceedings in the United States


Wednesday, 24 Apr 2013 02:21am EDT 

Atari SA communicated on the situation in France and the progress of the Chapter 11 Proceedings in the United States of the US subsidiaries. Atari's situation in France has been stabilized; business in France is being maintained but at a standstill and consists only in following the Proceedings in the United States. The liquidation of Eden Games, started on January 29, 2013, is in process. Alden and Ker Ventures have agreed to postpone the payment of any interest due by the Company under the ORANEs they hold until the earlier of: September 30, 2013 or a period expiring 30 days after the termination of the Chapter 11 Proceedings in the US. The coupons have been paid to the other ORANEs bondholders in accordance with the stated contractual maturity date. Negotiations with Alden have also been made, permitting the extension of the maturity date of the EUR 21.4 million credit facility and the corresponding interest to July 25, 2013, which is also the maturity date of the USD 5 million DIP financing granted by Alden to the US subsidiaries. Regarding progress on Chapter 11 Proceedings in the United States, the Court entered an order establishing April 30, 2013 as the deadline for filing proofs of claims by parties who may hold claims against the Debtors that arose prior to the date of filing for bankruptcy. Regarding the offer submission process, the next step will be for third parties to submit binding offers. Atari SA will have no authority to accept or reject them. 

Company Quote

0.27
-0.01 -3.57%
21 Aug 2014