Posted Jan 22, 2013 09:50 pm CST
Atari’s U.S. operations sought Chapter 11 bankruptcy protection Tuesday, Bloomberg Law reports, noting that the maker of Pong and Asteroids now trails manufacturers including Activision Blizzard and Electronic Arts in video game sales.
The filing was made in New York, where Atari Inc. is based. The company would like to separate from its French parent and get independent funding. In a statement, Bloomberg reports, Atari announced that it plans to sell all or most of its assets, or develop a reorganization that will “accomplish substantially the same result.”
According to Bloomberg, Atari’s petition states that it owes $10 million to $50 million to creditors. The petition claims Atari’s assets are between $1 million and $10 million. Founded in 1972, Atari’s other brands include “Centipede,” “Missile Command” and “Rollercoaster Tycoon.”