Atari Asks For More Time To Assemble Asset Sale

Law360, New York (May 10, 2013, 4:57 PM EDT) -- Atari Inc. on Thursday sought an extra 90 days to put together a Chapter 11 plan without the threat of rival plans being submitted, saying it needs more time to put together a sale of its well-known brands and intellectual property.

The “Asteroids” and “Pong” maker says it has contacted more than 150 potential buyers, 80 of whom have begun the due-diligence process. Atari, the U.S. branch of French firm Atari SA that is also going through bankruptcy proceedings in Europe, says the extension through Aug. 19 will allow it to ensure that the sales process is comprehensive and iron out...

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