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Friday, 06 December 2013 07:51

Atari gets approval for bankruptcy plan

Written by David Stellmack

Will pay creditors back over next 3 years

Atari has received approval for the bankruptcy plan that it submitted to a US Bankruptcy Judge. The plan has agreements with creditors to pay them back over the next three years. The agreement that Atari was able to reach with its creditors will see some paid back in full while others will only get a partial amount of what the claim to be owed.

Originally Atari was looking to sell of its catalog as well as its IP to pay off debts. The thing is that only 15 bids were received and Atari refused all of them. Atari did sell off several titles and some IP, but the majority of the money that it needs to raise is going to have to come from the firm generating new revenue and it will be interesting to see how that pans out for the company going forward.

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