Latest in Gaming

Image credit:

Atari earns court approval to emerge from bankruptcy

Sponsored Links

Atari's Chapter 11 (reorganization) bankruptcy, announced in January and followed by auctions of its assets, is coming to its phoenix conclusion. The Wall Street Journal reports Atari has received court approval for its plan to rise from bankruptcy.

The plan involves paying back the $3.8 million owed to bankruptcy lender Alden Global Capital. Once Atari is operating on its own, it'll also start paying $1.75 million to unsecured creditors over a stretch of three years. Those creditors are actually owed $10.3 million, but their agreement in the plan suggests that they're aware they'll probably never see that full sum again.

It'll be interesting to see if the company can soar again, but we're pretty sure those E.T. cartridges will remain in their sandy slumber.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
Tweet
Share

Popular on Engadget

The 2020 Honda Fit will use the automaker's new hybrid system

The 2020 Honda Fit will use the automaker's new hybrid system

View
The Morning After: Mazda's first EV opens wide with Freestyle doors

The Morning After: Mazda's first EV opens wide with Freestyle doors

View
Google launches Chrome 78 with forced dark mode and password checker

Google launches Chrome 78 with forced dark mode and password checker

View
Google says it's achieved quantum supremacy

Google says it's achieved quantum supremacy

View
NBC is making a sitcom based on esports

NBC is making a sitcom based on esports

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr