Atari Inc., the company that helped give birth to the modern-day videogame industry with the introduction of now-classic games such as Asteroids and Pong, received court approval of its plan to exit bankruptcy under the control of its French parent Atari S.A., the Wall Street Journal reported today. Bankruptcy Judge James Peck confirmed the bankruptcy-exit strategy proposed by Atari that is based on a $3.4 million cash contribution plus an additional $1.75 million when Atari exits bankruptcy from parent company Atari S.A. Bankruptcy lender Alden Global Capital will be paid in full the $3.8 million it is owed. Atari will use its remaining cash to pay up to $560,000 to unsecured creditors when it leaves bankruptcy, another $560,000 a year after that and $630,000 the following year.
