Remember Atari? If you play videogames, chances are good that you are at least vaguely aware of the old videogame company, originally founded in the 1970s, the company that brought us the seminal classics Asteroids and Pong.
It may not surprise you, given the fact that no one hears about Atari anymore – this year during the Christmas season, gamers are clamoring after Microsoft’s new Xbox One system – but Atari went into bankruptcy at the beginning of this year.
Stephanie Gleason with the Wall Street Journal reports that Atari has now exited bankruptcy after getting Judge James Peck’s approval: “[T]he plan is confirmed.” According to Gleason, Atari filed for Chapter 11 bankruptcy and tried to sell its 200-title game portfolio to the highest bidder.
As far as debt goes, Atari owed $3.8 million to Alden Global Capital, a bankruptcy lender, and $10.3 million to unsecured creditors. Alden Global will get paid in full, according to the bankruptcy plan, and unsecured creditors will get $1.75 million spread out over three years.
It’s unclear what Atari’s next move will be. As Gleason reports, Atari has since moved away from its videogame-making roots and gone into digital games and licensing.