Atari US files for bankruptcy - will sell logo and assets

Atari US has filed for bankruptcy. The company plans to sell all its assets, including its iconic logo and franchises such as Pong and Asteroids, in the next three to four months, but is expected to live on. The company will attempt to break its US business free from its debt-laden French parent Atari SA, and will reportedly seek a private buyer.

According to a report by the Los Angeles Times, the move is intended to break the American business free from its debt-laden French parent Atari SA. The latter took over Atari in 2008 and has seen its share price drop 50% over the past year reports techspot.

An unnamed "knowledgeable person" says that the plan is to develop Atari's US operations into a business based on digital and mobile platforms. The company has increased its focus on iOS and Android as gaming platforms since 2010, developing games based on well-known properties, among them a successful "greatest hits" compilation of arcade titles and an updated version of Pong.