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Atari SA Updates on Chapter 11 Proceedings in the United States; Announces that Its FY 2011/2012 Financial Statements Will Not Be Published Within Regulatory Deadline


Wednesday, 29 May 2013 01:49pm EDT 

Atari SA announced that on May 22, 2013 its United States subsidiaries asked the Bankruptcy Court of New York to validate the auction procedure for its assets, its phases and its final schedule. The timing, scope and minimum bid have been established. The auctions will take place from July 16, 2013 to July 19, 2013. A minimum bid has been established for each relevant asset. The total comes out to USD22,150,000. However, the final price for some of these assets may be higher. After the auction dates, a new hearing will be held before the Judge with a final completion of the sales in early August 2013. The prospects of Atari SA and its shareholders will therefore depend on the outcome of such Proceedings and the proceeds received from the sale of all or part of the assets, net of all legal and transactional costs, staff costs and other operating costs approved by the Court and after distributions to creditors. Considering the various possibilities and uncertainties of the Proceedings, the Company believes it is appropriate to wait for the result of the auction process to request a possible resumption of trading of Atari SA's shares on the NYSE Euronext Paris market. In addition, the Group will publish its FY 2012/2013 financial statement at the end of the Chapter 11 proceedings. The Group records that the financial statement will not have been approved and published within the regulatory deadline. 

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