Long-standing games company going to auction after failing to find a buyer
The US arm of beleaguered publisher Atari Inc is looking to auction off its assets in a move that it hopes could raise $22.2 million.
As reported by The Wall Street Journal, the sale of individual assets from the company’s US business includes the Atari brand, with bidding set to start on that at $15 million.
Court papers also revealed that the minimum bid for the RollerCoaster Tycoon IP is set at $3.5 million, while the company’s Test Drive franchise is up for $1.5 million.
Other IP up for sale includes the Total Annihilation franchise, which is up for $250,000, as well as Humongous, Fatty Pear’s Birthday Surprise and Math Gran Prix.
The entire auction process, set to take place in July, could raise at least $22.2 million for the company. The the company must however await court approval before it can officially begin the sales process. It is hoping to set a deadline for bids on July 10th, with auctions taking place a week later.
The move comes after Atari’s US business filed for chapter 11 bankruptcy protection in January in an attempt to break away from its parent company, but subsequently failed to find a buyer despite reaching out to over 180 investors.
Of these, only 15 are said to have submitted preliminary bids, which Atari did not find sufficient, leading the company to try and sell of various assets separately.
"The Debtors believe that this type of a targeted bidding process affords the Debtors the best opportunity to market the Assets and maximise the value thereof for the benefit of all stakeholders," said Atari in court papers filed to the Manhattan US Bankruptcy Court.