A U.S. judge has approved Atari’s plan to leave bankruptcy protection a little less than a year after filing for Chapter 11 in January.
The Wall Street Journal reportsthat Judge James Peck of the U.S. Bankruptcy Court in Manhattan not only signed off on the deal Thursday, but actually thanked the involved parties for their handling of the difficult case”.
The plan is centered around a $3.4 million cash infusion from parent company Atari S.A. deemed necessary when many of Atari Inc’s assets failed to sell at auction.
When Atari exits bankruptcy it will receive another $1.75 million from its parent. The strategy received unanimous support from the company’s creditors.
Develop has the full story.