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Game over for Atari

French video game company Atari has filed for bankruptcy, as its main shareholder is under liquidation.

Bluebay owns around 64% of the company, but is no longer in a position to support the company.

The company behind some of the first ever video games, including Pong, Asteroids, Centipede and Rollercoaster Tycoon, Atari is still profitable on an operating basis, and has been paying down its debt, but has been starved for funds, and unable to finance its continued growth.

Atari says that it expects its US subsidiaries to sell or restructure their assets over the next three to four months, while continuing trading.

Atari began in 1972, making an arcade game called Pong, and developed a video game console in 1976, the forerunner for the likes of today’s Microsoft Xbox, Nintendo Wii and Sony Playstation consoles. Atari owns or manages a portfolio of more than 200 games, and has been capitalising on its brands by delivering versions of them online and for smartphones and tablets. The company recently released titles for iOS and Android mobile platforms.

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Motley Fool writer/analyst Mike King doesn’t own shares in any companies mentioned. The Motley Fool’s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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