Toys & Juvenile Products

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Atari SA announces approval of its restructuring plan in the United States and plan to issue 25 million-euro convertible bond

Monday, 9 Dec 2013 01:49pm EST

Atari SA:Says its plan for the reorganization of its American subsidiaries was approved by the Bankruptcy Court in New York.Says the terms of the plan include retaining the main assets such as the Atari brand and the back catalog, repaying 25 percent of the subsidiaries' debts up to a maximum of $1.75 million and reducing the subsidiaries' workforce to fewer than 10 employees.Says Frederic Chesnais agreed to personally provide a $3.419 million guarantee to assure all concerned parties that the plan is financially viable.Says it is calling a Mixed General Shareholders' Meeting to obtain authorization for an issue of convertible bonds (OCEANEs) worth 25 million euros.Says the bonds would have a nominal value of 0.25 each, would pay an annual coupon of 10 percent and would be convertible on a basis of 0.25 euro per share.Says the amount of the issue could be increased by 15 percent if there is excess demand.

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.

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SA Updates on Chapter 11 Proceedings in the United States; Announces that Its FY 2011/2012 Financial Statements Will Not Be Published Within Regulatory Deadline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

Groupe Jemini SA Updates on Recovery Plan

Monday, 6 May 2013 08:00am EDT

Groupe Jemini SA announced that a call for bids to buy the Company will open on May 7, 2013. The deadline for submitting bids is June 7, 2013. The Company also announced that it has closed its old warehouses and regrouped its personnel (apart from salespeople) at one site in Montfort-le-Gesnois.

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.

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.

Groupe Jemini SA Announces Insolvency Procedure and Appointment of New Chairman of the Management Board

Tuesday, 8 Jan 2013 12:37pm EST

Groupe Jemini SA announced that it has been placed under the administration of the Commercial Court of Paris within the framework of an insolvency procedure. An observation period of six months has been set, during which time the Company will seek to present a plan to continue its activities. The Company also announced that on December 17, 2012, it has appointed Mr. Jean-Christophe Bonifacj as is new Chairman of the Management Board. Mr. Bonifacj has also served as Director of Sales of the Company since April 2012.


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