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Atari U.S. operation files for bankruptcy

Atari U.S. operation files for bankruptcy.

A former colleague of mine mentioned this article to me today.  It is surprising to see Atari file Chapter 11 when it seemed recently that there had been a resurgence in interest in playing the classic Atari games such as Asteroids.  Recently I saw someone wearing a re-issued Atari t-shirt with the classic early 1980’s logo.   As a kid growing up in Sheboygan, I remember the afternoon after Christmas morning probably around 1983.  There had to be at least 4 thrown out Atari Game System boxes sitting out on the street for the trash.  A lot changes, many of you out there will remember the ill-fated Radio Shack TRS-80 computer system or the Commodore 64 all early competitors to Atari who always kept their focus on games.  They tried a computer system, but quickly learned that consolidation in the industry doomed them to the scrap yard.

Although I am not intimately aware of the details and facts surrounding Atari’s bankruptcy, it is a Chapter 11 filing which is usually filed where a corporation wishes to survive after a “reorganization” which is a friendly way of saying reducing debt balances, interest rates and eliminating some types of debt.  In this case, Atari (of the United States) is trying to separate from its from its French owner to save its “classic” assets which include classic games such as Asteroids.

When considering debt relief, please consider NLO Nelson Law Office, our firm is a full service personal bankruptcy firm concentrating its practice in the areas of Chapter 13 and Chapter 7 Bankruptcies.  At this time, our firm provides referrals for bankruptcy work that requires either a personal or business Chapter 11 bankruptcy.

If you have ever wondered why a person would file a Chapter 11, think of it simply as a large Chapter 13.  Chapter 13 only allows about $340,000 in unsecured (credit card style) debt and about $1,000,000 in secured debt.  Clients with multiple investment properties and large lines of credit often look to a personal Chapter 11 to handle problems too large for Chapter 13.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. CALL 877-GO-GO-NLO (877-464-6656) FOR A FREE BANKRUPTCY CONSULTATION TODAY! SATURDAY APPOINTMENTS ARE AVAILABLE.