Atari and its US affiliates have announced that they have closed 2 million dollars of interim DIP financing. It appears that the DIP funds allow Atari to continue operations while dealing with the monetary situation.
Atari and its US affiliates have announced that they have closed 2 million dollars of interim DIP financing. It appears that the DIP funds allow Atari to continue operations while trying to figure out how they’re going to fix the mess they got into. Atari CEO Jim Wilson said "The interim DIP financing enables Atari to finance its near term ordinary course business while evaluating its strategic options. Our lawyers are already hard at work on completing the final DIP credit documents, which, once approved by the court, will enable Atari to access the remaining $3 million of availability under the loan."
Atari also has hired Perella Weinberg Partners as investment banker to study strategies for the company as well as trying to help Atari the best they can. It was also stated by Wilson that "We hired Perella Weinberg Partners, which is subject to court approval, because they clearly understand and are excited about the significant opportunity associated with the iconic Atari brand and its rich library of classic arcade and more recent game franchises. The global reach and breadth of Atari have the potential for significant value creation in games, media & entertainment, technology and licensing sectors and provides a great opportunity for the Company' stakeholders."