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Posts tagged bankruptcy

Atari Inc. seeks to generate $22M by auctioning assets in July

Atari Inc., the US branch of French parent company Atari S.A., filed for court approval this week to auction its assets in July. Those assets include the Atari logo, as well as the Test Drive, Rollercoaster Tycoon, Asteroids, and Pong franchises among others. As Reuters and the Wall Street...

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Report: Timegate closes its doors

Timegate, the studio behind Section 8 and Aliens: Colonial Marines, laid off its entire staff today, Kotaku reports. On May 2, Timegate filed for bankruptcy protection, citing a debt of up to $50 million. The filing revealed that Timegate owed large sums to 50 companies, including Epic Games,...

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Colonial Marines co-dev TimeGate files for bankruptcy protection

Section 8 developer and Aliens: Colonial Marines co-developer TimeGate Studios has filed for bankruptcy protection in the Texas Southern Bankruptcy Court, revealing that it owes its creditors between $10 million and $50 million in debt. Court documents note that TimeGate seeks protection from...

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Darksiders, Homeworld, Red Faction and other IPs next on THQ auction

THQ has announced that it will be auctioning off the intellectual property rights for a large portion of its back catalogue, including Darksiders, Red Faction and Homeworld. The full list of properties up for sale, broken into six lots and posted in full after the break, also includes games like...

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Atari US secures $2 million in financing, prepares to sell assets

After declaring bankruptcy last month, the US branch of Atari has closed $2 million in debtor-in-possession financing. Another $3 million is expected once the credit documents are filed and subsequently approved by the court. The company will use the funds to finance its current operations while...

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Court approves THQ asset sales

The U.S. Bankruptcy Court has approved the sale of THQ's assets to Ubisoft, Sega, and other companies, THQ announced this morning. The sales are all expected to close today. THQ totals the proceeds from the sale at $72 million, making a total of $100 million when added to the company's estimate of...

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South Park Studios battles THQ over potential sale of The Stick of Truth

On January 18, South Park Digital Studios filed a preliminary objection to THQ's proposed sale of South Park: The Stick of Truth. THQ and South Park Studios entered into a Deal Memo, granting THQ use of certain South Park trademarks and copyrights, on June 29, 2011. THQ filed for Chapter 11...

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Report: HMV to be saved as restructurer Hilco acquires debt

Business restructuring company Hilco is set to acquire HMV after reportedly taking control of the struggling British retailer's debt . According to the Financial Times, people familiar with the situation report Hilco took on the debt today, estimated three months ago to be around $279 million. If...

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Atari US files for bankruptcy, selling iconic logo and assets

Atari Inc. filed for chapter 11 (restructuring) bankruptcy this morning, as it aimed to detach itself from Atari SA, its French parent company, and acquire independent business. Atari Inc. said it plans to sell all of its assets in the next 90 to 120 days, including defining franchises such as Pong...

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HMV entering administration [update]

Update: HMV confirmed it's filing notice to appoint Deloitte as administrators to the company. As the BBC reports, HMV is suspending trading on the London Stock Exchange from Tuesday, January 15. HMV's 239 stores across the UK and Republic of Ireland are to remain open while Deloitte seeks a...

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