Middle-aged video game fans everywhere had a moment of nostalgia recently when it was announced that Atari had filed for Chapter 11 bankruptcy. Atari, for those of you too young and/or too indifferent to remember, was the primary force in popularizing video games, beginning with Pong—sort of a digitized tennis game—back in 1972. A few years later, the advent of the Atari 2600 home video game system led to an entire generation spending their most impressionable years watching little dots (these were relatively low-tech times) chasing one another around a TV screen.
And today? Well, the Atari brand has bounced among a number of companies over the years. What’s happening now is that Atari’s comparatively thriving U.S. division is attempting to separate itself from its dysfunctional French parent company. Chapter 11 bankruptcy, remember, involves the restructuring of an organization, rather than its liquidation. Atari may end up selling off its impressive catalog of games, but it will likely remain with us in some capacity.
After all, the company has successfully bounced back from much worse developments, like releasing its famously horrible E.T. the Extra-Terrestrial game in 1982, a misfired—and extremely costly—attempt to cash in on a certain Spielberg film. Atari ended up dumping millions of unsold E.T. games in a New Mexico landfill.
If you’re in financial straits, bankruptcy options are available to you as well. Call Long Island bankruptcy lawyer Ronald D. Weiss today.