Shares for Atari parent company and publisher Infogrames have been suspended on the French stock exchange, apparently due to restructuring related issues for the debt-heavy European publisher.
Shares for Atari parent company and publisher Infogrames have been suspended on the French stock exchange, apparently due to continuing operation-related issues. The firm, which has been selling IP and development studios due to long-term debt issues, plans to make an announcement concerning its debt payment program and further unspecified, restructuring plans. No other information is currently available as to the specific reasons for the suspension of the company’s shares. The embattled publisher's U.S.-headquartered Atari division is already facing delisting from the NASDAQ stock market for failing to keep its stock price above a $1.00 minimum for more than ten consecutive business days between March and August. The most recent Infogrames results showed a disappointing 20 percent decline in quarterly sales, due primarily to fewer high profile video game releases. Both divisions have been buoying their results with asset sales - Atari's recent results showed a reduced loss of just $7.1 million, but this was due to the sale of properties such as Timeshift, Stuntman, and Driver, as well as its Reflections and Paradigm Entertainment studios. Most recently, Infogrames’ U.S. based Atari division announced a new president and CEO, David Pierce, only last week, but the company has not yet made official comments on this latest move.
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