In an effort to protect its business interest and future Atari is filing for a Chapter 11 bankruptcy, as reported in a January 22nd, 2013 NBC news article.

According to the report, Atari’s parent company is filing for bankruptcy in France. To help separate their finances so that the parent company’s creditors cannot go after Atari they are filing for Chapter 11 protection. With the entertainment industry evolving so rapidly Atari is hoping to expand their business into other media avenues.

Once primarily known for their video gaming equipment, Atari is hoping to focus more in the field of mobile and downloadable gaming. The company released a statement saying that they are looking at the Chapter 11 as a way to protect their shareholders and business interests. The company suffered a significant financial loss in 2012, making them unable to pay back their main creditor.

The company’s bankruptcy petition stated that the company had between $1 million to $10 million in assets and $10 million to $50 million in liabilities. It is expect that the company will sell some of their assets and develop a restructuring plan in the next three to six months.

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