Mark Androvich
23:31 (BST)
24/10/2007
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Atari credit increased to $10 million
Still seeks additional funding
Atari announced that it has secured $10 million in credit.
Funds affiliated with BlueBay Asset Management plc purchased Atari's outstanding loans totalling USD 3 million under the company's credit facility with Guggenheim Corporate Funding, LLC.
Atari has now entered into a senior secured credit facility with BlueBay High Yield Investments S.A.R.L., as the successor administrative agent. BlueBay is a significant shareholder of Infogrames, Atari's majority stockholder.
The new senior secured credit facility increases the availability of credit to USD 10 million and extends the maturity of the outstanding borrowings two years, to December of 2009.
"This revised Credit Facility is a major step in addressing Atari's liquidity needs and providing financing to support its near term business plan," said Curt G. Solsvig III, Atari's chief restructuring officer.
Atari also said that the USD 10 million does not fully satisfy the company's funding requirements and it is therefore seeking additional financing.
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