Atari Inc., the bankrupt video-game maker, won bankruptcy court approval to seek creditors’ votes on its plan to exit chapter 11 protection as a going concern, Bloomberg News reported yesterday. Bankruptcy Judge James M. Peck approved the company’s disclosure statement, an outline of the restructuring plan, finding that it contained adequate information for creditors to make an informed vote, according to court documents filed Oct. 29 in Manhattan. Unsecured creditors are projected to receive a recovery of as much as 25 percent. The company is scheduled to seek court approval of its reorganization plan at a Dec. 5 hearing.
