Atari, SA

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Atari SA
Type Public (EuronextATA)
Industry Software & programming
Founded June 1983
Headquarters Paris, France
Key people Frédéric Chesnais (Chairman and CEO)
Laurence Betito (CFO)
Denis Bunma (Legal counsel)
Products Centipede: Infestation
Dungeons & Dragons: Daggerdale
Neverwinter Nights
Yars' Revenge
Test Drive Unlimited 2
Revenue Decrease €39.6 million (2011-12)
Net income Increase €-3.7 million (2011-12)[1]
Subsidiaries Atari, Inc, Atari Interactive
Website www.atari.com

Atari SA (ASA) is an international French holding company headquartered in Paris, France. It was originally called Infogrames Entertainment, SA (IESA). Its subsidiaries include Atari London Studio, Eden Games, Atari Interactive, Atari, Inc., and Humongous.[2] Because of continuing pressures upon the company, and difficulty finding investors, it sought bankruptcy protection under French law in January 2013; its subsidiaries in the United States have sought Chapter 11 bankruptcy protection there as well.[3]

Transition from Infogrames Entertainment[edit]

During their fiscal year meeting (May 2009), IESA announced that it would be changing its corporate name to an Atari-branded name, in line with the use of the name for its subsidiaries. In reference to this, Atari, Inc's CEO Jim Wilson said: "We've gotten rid of the Infogrames and Atari duality, the confusion around that. We are one simplified company, under one management team, under one brand."[4]

Infogrames' May 29 earnings report stated:

The Board agreed to change Infogrames Entertainment’s name to Atari. This decision will enable us to make the best use of the Atari brand, capitalizing on worldwide strong name recognition and affinity, which are keys drivers to implement the Company’s online, product and licensing strategies.[5]

A later July 24 earnings press release further clarified a name change from the May 29 report, with a change from Infogrames, S.A. to Atari, S.A. It additionally stated the continued use of Atari Group for its Atari-branded and related subsidiaries.[6]

On April 19, 2010, Atari, S.A. announced Nolan Bushnell along with Tim Virden would join the company's Board of Directors.[7]

As of March 31, 2011, the Board of Directors consisted of Frank Dangeard, Jim Wilson, Tom Virden, Gene Davis, Alexandra Fichelson.[8]
Jim Wilson (COO)[8]

As of August 2014, the Board of Directors consisted of Frédéric Chesnais (chairman), Frank Dangeard, Tom Virden, Erik Euvrard, and Alyssa Padia Walles.[9]

BlueBay restructuring[edit]

On October 21, 2010, Atari announced Atari's reference shareholders BlueBay Value Recovery (Master) Fund Limited and BlueBay Multi-Strategy (Master) Fund Limited are exploring a disposal of the shares and equity-linked instruments held by them.[10] However, BlueBay shareholders later interrupted the sale process of its holding in Atari.[11] BlueBay later converted the conversion of a portion of the ORANEs held by them.[12]

In 2012, Atari SA, BlueBay Value Recovery (Master) Fund Limited, and The BlueBay Multi-Strategy (Master) Fund Limited reached an agreement following their negotiations regarding the restructuring of the debt and capital structure of the Atari group. As part of the agreement, the €20.9 million Credit Facility Agreement was extinguished via €10.9 million lone forgiveness from BlueBay Value Recovery (Master) Fund Limited and Atari's payment of € 10 million; the cancellation of the dilutive effect of the ORANEs held by BlueBay; €20 million capital increases to be submitted to the vote of Atari shareholders (of which €10 million with preferential subscription right).[13]

Bankruptcy[edit]

On January 21, 2013, Atari Inc., Atari Interactive Inc., Humongous, Inc. and California US Holdings, Inc. (collectively, the "Companies") filed petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.[14] All three Ataris emerged from bankruptcy one year later and the entering of the social casino gaming industry with Atari Casino.[15] Frédéric Chesnais, who now heads all three companies, stated their entire operations consist of a staff of 10 people.[16]

On June 22, 2014, Atari announced a new corporate strategy that would include a focus on "new audiences," specifically "LGBT, social casinos, real-money gambling, and YouTube."[17]

References[edit]

  1. ^ Atari SA Annual Report 2011-2012 (PDF)
  2. ^ "Anthony Jacobson and Pierre Hintze Hire Release FINAL" (Press release). Atari. October 7, 2009. Archived from the original on November 12, 2010. Retrieved June 28, 2012. 
  3. ^ http://www.theaustralian.com.au/australian-it/game-almost-over-as-atari-goes-bankrupt/story-e6frgakx-1226559597759
  4. ^ http://www.1up.com/do/newsStory?cId=3174457
  5. ^ http://corporate.atari.com/MT-3.34-en/mt-static/FCKeditor/UserFiles/File/052909PR_FY09_earnings_GB_FINAL2.pdf p. 2
  6. ^ http://corporate.atari.com/MT-3.34-en/mt-static/FCKeditor/UserFiles/File/D2-072409PR_FY09_1Q_revenues_GB_FINAL.pdf
  7. ^ Nolan Bushnell, Tom Virden, Join Atari Board of Directors, That Gaming Site, 19 April 2010
  8. ^ a b Atari SA Annual Report 2010-2011 (PDF)
  9. ^ "Atari, SA Corporate Governance". Atari. Retrieved August 15, 2014. 
  10. ^ Atari: Proposed transfer by BlueBay of its holding in ATARI
  11. ^ BlueBay to interrupt the sale process of its holding in Atari
  12. ^ 1ST HALF OF FY 2011/2012 RESULTS Unaudited preliminary data – Ongoing audit process Approved by the Board of Directors on November 4, 2011.
  13. ^ Atari SA and BlueBay reached a agreement for the restructuring of the debt and capital structure of the group
  14. ^ "Atari Files For Chapter 11 To Separate From French Parent". Prnewswire.com. Retrieved September 4, 2013. 
  15. ^ Brett Molina (March 26, 2014). "Atari resets with jump into social casino gaming". USA Today. Retrieved March 26, 2014. 
  16. ^ http://venturebeat.com/2014/03/26/atari-and-flowplay-team-up-to-offer-social-casino-games/?utm_medium=twitter&utm_source=twitterfeed
  17. ^ Kline, Nicole. "Atari’s plan includes catering to “LGBT, social casinos, real-money gambling, and YouTube”". Warp Zoned. Retrieved 26 June 2014.