Have video games finally passed Atari by? It sounds like it, as the iconic video game maker has filed for Chapter 11 bankruptcy. While the company is nowhere near its peak as the number one name in the video game industry, Atari might not be dead just yet.
According to the LA Times, the brand is being held back by a credit deal its parent company, Atari S.A., has with a financial firm in London. At the end of 2012 a loan from the firm lapsed and has left Atari without the funds needed to develop or release games.
Atari’s hopes filing for bankruptcy will help them break away from their parent company. While Atari S.A. is a publicly-traded stock in France, Atari hopes to find a buyer and become privately-owned following bankruptcy proceedings.
While profits have been small for the former video game juggernaut, with only $11 million in 2012, it still has a lot of name value. With over 30 years in the gaming industry, this likely isn’t the last we’ll hear from Atari.