Atari SA: final phase of the Chapter 11 procedures
Auction schedule and minimum bid in place
Suspension of trading of Atari shares maintained
Publication of the fiscal year 2012/2013 earnings delayed
Paris, France, May 29, 2013 - Atari SA (the "Company" or "Atari") is communicating on the advancement of the Chapter 11 Proceedings in the US (the "Proceedings") of the US subsidiaries (i.e. Atari Interactive, Inc., California US Holding Inc., Atari Inc. and Humongous Inc.) (the "US Subsidiaries") initiated on January 21, 2013 with the Bankruptcy Court of New York (the "Court").
On May 22, 2013, the US Subsidiaries have asked the Court to validate the auction procedure, its phases and its final schedule. After several weeks of discussions with potential buyers (the "Potential Buyers"), the timing, scope and minimum bid have been established as follows:
| Assets | Minimum Bid | Date of Auction |
| RollerCoaster Tycoon Franchise | $3,500,000 | July 16, 2013 |
| Test Drive Franchise | $1,500,000 | July 16, 2013 |
| Humongous Franchise, Fatty's Bear's Birthday Surprise, Math Gran Prix | $500,000 | July 17, 2013 |
| Backyard Sports Franchise | $750,000 | July 17, 2013 |
| Total Annihilation Franchise | $250,000 | July 17, 2013 |
| Airborne Ranger Franchise | $100,000 | July 18, 2013 |
| Battlezone Franchise | $250,000 | July 18, 2013 |
| Master of Orion Franchise | $100,000 | July 18, 2013 |
| Moonbase Commander Franchise | $100,000 | July 18, 2013 |
| Star Control Franchise | $100,000 | July 18, 2013 |
| Atari Brand / Atari Classics / Atari Casino | $15,000,000 | July 19, 2013 |
As stated in the above table, a minimum bid has been established for each relevant asset. The total comes out to $22,150,000. However, there is no assurance that any offer will be submitted at this price and conversely, in case of a bid, the final price for some of these assets may be higher. After the auction dates, a new hearing will be held before the Judge with a final completion of the sales in early August 2013.
The prospects of Atari SA and its shareholders will therefore depend on the outcome of such Proceedings and the proceeds received from the sale of all or part of the assets, net of all legal and transactional costs, staff costs and other operating costs approved by the Court in the context of the Proceedings and after distributions to creditors, including the DIP financing of $5 million maximum, the €21.4 million Credit Facility and the claims of Atari SA approved by the Court. In addition, considering the auction schedule, the deadlines for the DIP financing and the Credit Facility, initially set to July 25, 2013, will have to be revised.
Considering the various possibilities and uncertainties of the US Proceedings, the Company believes it is appropriate to wait for the result of the auction process to request a possible resumption of trading of Atari's shares on the NYSE Euronext Paris market. At this stage, no guarantees can be given concerning the potential recovery for existing shareholders. Accordingly, the Company maintains the suspension of trading of Atari shares.
In addition, the Group will publish its FY 2012/2013 financial statement at the end of the Chapter 11 proceedings. At this stage, the Group records that the financial statement will not have been approved and published within the regulatory deadline. The Group will communicate on the dates of publication and will take the necessary measures in this respect.
About Atari, SA
Atari, consisting of Atari SA and its subsidiaries, is a multi-platform, global interactive entertainment and licensing group. The original innovator of video gaming, founded in 1972, Atari owns and/or manages a portfolio of more than 200 games and franchises, including world renowned brands like Asteroids®, Centipede®, Missile Command®, Pong®, Test Drive®, Backyard Sports® and RollerCoaster Tycoon®. Atari capitalizes on these powerful properties by delivering compelling games online (i.e. browser, Facebook® and digital download), on smartphones and tablets and other connected devices. The Company also develops and distributes interactive entertainment for video game consoles from Microsoft, Nintendo and Sony. As a licensor, Atari extends its brand and franchises into other media, merchandising and publishing categories. For more information: www.atari.com
Contact:
Investor relations
Calyptus - Marie Ein
Tel + 33 1 53 65 68 68
atari@calyptus.net
