Toys / Games
Groupe Jemini SA Updates on Recovery Plan
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
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.
Court Grants Motion to Approve Sale of THQ Inc.'s Assets
THQ Inc announced that the U.S. Bankruptcy Court has granted a motion to approve a sale of the majority of THQ’s assets to multiple buyers. The Company expects the Court to enter a formal order tomorrow. The Court approved the sales of three of THQ’s owned studios and games in development, as well as Evolve, a working title under development at Turtle Rock Studios, Homefront 2, Metro: Last Light and South Park: The Stick of Truth. Under the terms of the agreements with the successful and approved bidders, the THQ estate will receive approximately $72 million, making the total estimated value of the estate $100 million including certain assets and other intellectual properties which were excluded from the sale. The Court approved the sale of Relic Studios to Sega Corporation for $26.6 million; the sale of Volition Inc. and Metro: Last Light to Koch Media GmbH for $22.3 million and $5.9 million, respectively; the sale of Homefront 2 to Crytek GmbH for $0.5 million; the sale of Evolve to Take-Two Interactive Software, Inc. for $10.9 million; and the sale of THQ Montreal and South Park: The Stick of Truth to Ubisoft LLC for $2.5 million and $3.3 million, respectively. Excluded from the sales were the Company’s publishing businesses, Vigil Games, and certain other assets and intellectual properties, which will remain part of the THQ estate and will continue in the Chapter 11 process.
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
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
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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+36.40Analyst Research
| Report Title | Price |
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Provider: Renaissance Capital
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$92.00
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Provider: Renaissance Capital
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$92.00
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Provider: Renaissance Capital
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$92.00
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Provider: Renaissance Capital
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$92.00
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Provider: Renaissance Capital
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$69.00
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