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With no acceptable offers on the table, Atari is going to auction

With no acceptable offers on the table, Atari is going to auction

May 23, 2013 | By Mike Rose

Earlier this year, the U.S. branch of Atari filed for Chapter 11 bankruptcy, with the aim to sell all of its assets and secure a fresh start for the company. Four months on, the sale isn't going so well.

Despite reaching out to 180 potential purchasers, only 15 preliminary bids were made, none of which were deemed acceptable by Atari, reports the Wall Street Journal [subscription required].

With this in mind, Atari has now decided to go for broke and auction off all of its assets -- including the Atari brand itself -- over the course of four days in July.

The RollerCoaster Tycoon franchise will set you back at least $3.5 million, while the minimum bid for the Test Drive series is $1.5 million.

Meanwhile, the Total Annihilation franchise has a floor price of $250,000, while the Humongous, Fatty Bear's Birthday Surprise and Math Gran Prix assets will be sold together for $500,000. In total, Atari has priced itself and its assets at nearly $22.2 million.

"The Debtors believe that this type of a targeted bidding process affords the Debtors the best opportunity to market the Assets and maximize the value thereof for the benefit of all stakeholders," the company stated in papers filed with the U.S. Bankruptcy Court in Manhattan.

Atari wants to set a July 10 deadline for bids, with auctions running from July 16-19. The company first needs court approval for the sale process to go ahead.

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