Atari seeking $22.2 million in bankruptcy auction

Atari will sell off its assets individually this July over a four day period after failing to find a bidder for its full catalog, the Wall Street Journal reports.

The game publisher is seeking a minimum of $22.2 million in bids in an attempt to recoup some of its losses, according to a document filed with the U.S Bankruptcy Court on Wednesday.

The U.S. arm of Atari first filed for bankruptcy protection on Jan. 21 in an effort to "break free" from its French parent company, Atari S.A., who was believed to be in debt; however, while the company attracted over 180 potential buyers, only 15 of those submitted preliminary bids for its catalog. As a result, Atari deemed none of the initial offers acceptable.

"The Debtors believe that this type of a targeted bidding process affords the Debtors the best opportunity to market the Assets and maximize the value thereof for the benefit of all stakeholders," reads The Wall Street Journal, as transcribed by GamesIndustry.biz.

Auctions will begin in July following court approval. Atari's single most valuable asset, Rollercoaster Tycoon, will require a minimum bid of $3.5 million, while its Test Drive franchise will go for a minimum bid of $1.5 million. Comparatively, classic RTS franchise Total Annihilation is available for a minimum bid of $250,000.