Atari Restructuring Plan Keeps French Parent In Control

Law360, New York (September 23, 2013, 7:20 PM EDT) -- Atari Inc. on Friday submitted its proposed plan of restructuring to a New York bankruptcy court that will allow its French parent to retain control and provide approximately $1.7 million to general unsecured creditors.

The video game icon, which entered bankruptcy in January, negotiated a plan whereby Atari SA, its French parent, will provide $3.4 million to fund distributions under the plan. The company completed an auction in July that netted $5 million for certain brands.

However, the company was unable to unload some of its...
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