May 22, 2013 / 3:11 PM / in 5 years

Video game maker Atari seeks court approval for sale of assets

(Reuters) - Video game maker Atari Inc is seeking court approval for the sale of all its assets as it works its way out of bankruptcy protection.

The company said on Tuesday it tried looking for a buyer with the help of its investment banker Perella Weinberg Partners, but was unable to find a “stalking horse,” or initial bidder, acceptable to it.

Atari has set a minimum bid of $15 million for the Atari brand. The company received a $5 million debtor-in-possession financing from Alden Global Value Recovery Master Fund LP.

The video game maker, known for classic titles such as Pong, Asteroids, Centipede, filed for bankruptcy protection early this year along with its French counterpart, Atari SA.

The case is In Re: Atari Inc, U.S. Bankruptcy Court, Southern District of New York, No:13-10176.

Reporting by Tanya Agrawal in Bangalore; Editing by Sriraj Kalluvila

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