Pioneering videogame firm Atari gets lifeline

Feb 05, 2013
A man carries a box with an Atari game in Sao Paulo, Brazil, on January 30, 2013. Atari, the pioneering video game company mired in bankruptcy proceedings in both France and the US, said on Tuesday it had found a last minute buyer after the latest leading shareholder gave up on turning the company around.

Atari, the pioneering video game company mired in bankruptcy proceedings in both France and the US, said on Tuesday it had found a last minute buyer after the latest leading shareholder gave up on turning the company around.

Atari SA "supports the proposed acquisition of the BlueBay Funds' interests in the Atari group by a longtime videogame professional and a fund advised by Alden Global Capital," the videogamer said in a statement.

Atari was born 40 years ago in California and jumped to fame by bringing the experience to living rooms worldwide with games such as Pong and Centipede.

The key buyer of the embattled company is Frenchman Frederic Chesnais, a former Atari executive, who is picking up 25 percent of the Atari SA's capital through his own fund Ker Ventures for 400 euros with Alden providing financing.

"I made this move because I love the team, I know about games, I love the brand and in the past we have all spent nights and days to make it shine," said Chesnais who becomes Atari with the deal.

"I am just given a few weeks to put the Company back on track and I have to give it a try," Chesnais said.

In the buyout which includes taking over debt, Alden and Ker Ventures agree to pump 5.0 million euros ($6.7 million) in Atari's US activities where the company hopes to break through.

Explore further: Nigeria launches national identity card scheme

add to favorites email to friend print save as pdf

Related Stories

Video gaming gets back to roots in Paris show

Nov 10, 2011

From the 1970s table-tennis game "Pong" to the fast-paced, total-immersion of modern-day hits like "Call of Duty", a new show retracing the four-decade history of the video game opened Thursday in Paris.

Director Cameron's company files for bankruptcy

Sep 11, 2012

(AP)—The digital production company founded by "Titanic" director James Cameron has filed for bankruptcy protection in the U.S. and Canada and reached a deal to sell its operating business to a private investment firm for ...

Recommended for you

Nigeria launches national identity card scheme

9 hours ago

Nigeria's President Goodluck Jonathan on Thursday launched a national electronic identity card scheme, which backers said would boost access to financial and government services in Africa's most populous nation.

Vivendi, Telefonica in talks over Brazil business (Update)

20 hours ago

French media conglomerate Vivendi said Thursday it would begin exclusive talks with Spanish telecoms company Telefonica for the sale of its Brazilian operator Global Village Telecom, or GVT, after the Spanish company raised ...

User comments : 0