Atari’s bankruptcy plan approved by US court

By Stephany Nunneley, Thursday, 5 December 2013 20:26 GMT

A US Bankruptcy Court judge has approved Atari’s plan to pay back creditors and move out of bankruptcy, The Wall Street Journal reports. The firm filed for Chapter 11 back in January, and a proposal – with agreements from its creditors – will allow the firm to pay what it owes over the course of the next three years. Atari will pay out less than the $10.3 million owed, with some creditors receiving the full note due and others a smaller amount. Atari had originally planned to sell its catalog to pay off it debits, but only 15 bids were placed – all of which were refused. It then started selling parcels off with some failing to be bid upon; however, Wargaming grabbed up the Masters of Orion and Total Annihilation IPs, Stardock won the rights to the Star Control series, and Rebellion Interactive purchased Battlezone and Moonbase Commander. Thanks, GI International.

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