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Atari wins approval to overcome bankruptcy

Debt restructuring could resuscitate ailing game maker

Gaming legend Atari Inc., which filed for Chapter 11 in January, may have found an extra life, as the a bankruptcy court has confirmed the company’s debt-restructuring plan is sufficient to seek the approval of its creditors. The documents were filed on Oct. 29 and the hearing for the organization’s plan is scheduled for Dec. 5.

“The plan effectuates a restructuring transaction under which the sponsor will make contributions to the estates sufficient to ensure a meaningful recovery to holders of general unsecured claims,” Atari said in court filings. Those unsecured claims holders are expected to recover up to 25 percent of their money in a three-step payment plan.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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