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Infogrames To Announce Rehab Plan For Atari

Infogrames told shareholders at a recent annual meeting that it would soon be ready to unveil a plan to restore profitability at Atari, its U.S. affiliate, on which Infogrames has laid blame for $66 million in operating losses for the company in fiscal 20
At a recent annual meeting of its shareholders, Infogrames said it would soon unveil a plan to restore profitability at Atari, its 51 percent-owned U.S. affiliate which it has blamed for operating losses at the group level. "As I said in June, we are negotiating with the management and the board of Atari Inc. to restore (financial) equilibriums," Infogrames chief executive Patrick Leleu told shareholders, according to Reuters. Leleu took over in April, from Infogrames founder and 24-year veteran Bruno Bonnell, following a restructuring aimed at eliminating the company's heavy debts and funding further developments. Atari on Tuesday reported delayed fiscal 2007 results, which included losses of $66 million from continuing operations at the unit. Last month, Infogrames posted a 13 percent rise in first-quarter 2007/08 revenue, but Leleu declined to give a forecast for the second quarter or for the company's whole fiscal year, which runs April 1st to March 31st. "We are looking after the interests of Infogrames and its shareholders," he added, noting that Infogrames is trying to negotiate "action plans" with Atari through continuing talks. Leleu indicated that he would be able to announce further details soon, although he did not indicate whether Infogrames planned to sell the U.S. unit.

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