The US operations of French video games group Atari SA (EPA:ATA) said they had filed for Chapter 11 bankruptcy protection in an effort to separate from their struggling parent.
With the move, Atari Inc, Atari Interactive Inc, Humongous Inc and California US Holdings Inc also aim to secure independent capital for future growth, primarily in the areas of digital and mobile games.
The companies expect to complete the sale of all or substantially all of their assets or confirm a restructuring plan within the next three to six months. They also seek approval to get USD5.25m (EUR3.9m) debtor-in-possession financing from one or more funds managed by Tenor Capital Management Company LP, they said.
Peter Partee and Michael Richman of Hunton & Williams LLP will serve as advisors of the US companies in their respective Chapter 11 cases.