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Infogrames Seeks Interest Payment Extensions

Infogrames Seeks Interest Payment Extensions

March 10, 2006 | By Nich Maragos

March 10, 2006 | By Nich Maragos
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More: Console/PC

Infogrames, the struggling parent game publishing/developing company of U.S. firm Atari, has requested an extension on deadlines for some of its interest payments as it negotiates with banks for financial restructuring. The company is currently asking bond holders to approve the extended deadline for repaying 13.4 million euros ($15.97 million USD) worth of interest due March 15th.

The company is still aiming to repay 4.6 million euros ($5.47 million USD) worth of interest by April 1, but the amount currently under negotiation with banks is for a much larger sum of 23 million euros ($27.3 million USD) worth of debt, meant to be repaid between December 15 and March 31st.

In addition, Infogrames is seeking to reestablish its lines of credit, which were cut off by HSBC Business Credit due to low quarterly earnings, as both a transitional period and a lack of strong titles continues to affect Infogrames and Atari negatively.

The deadline extension request continues to paint a grim picture for the company, which has recently undergone heavy layoffs and been warned about a possible delisting from the NASDAQ index. To help raise money, Infogrames intends to sell off its internal studios, as well as some undisclosed intellectual property.

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