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Atari SA Updates on Chapter 11 Proceedings in the United States


Tuesday, 15 Oct 2013 07:17pm EDT 

Atari SA announced that it submitted a reorganization plan for its American subsidiaries to the American Bankruptcy Court in New York on September 20, 2013. The plan proposed that the Group's main assets be retained, including the Atari brand, the Atari Classics games and the Test Drive Unlimited franchise. The plan also proposed the complete repayment of the 'Debtor In Possession' financing supplied by Alden and payments to certain other creditors of Atari SA's American subsidiaries. Neither the disclosure statement relating to the plan, nor the plan itself were approved by the Court. In order to come into effect, the plan must be approved by creditors with at least two thirds of the sum total of the debt and more than half of the individual debts. A hearing at which the Court will decide on the validity of the plan is scheduled for December 5, 2013. A hearing relating to the disclosure statement for the plan will be held on October 29, 2013. 

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19 Dec 2014