Atari Posts $0.3 Million Dollar Loss

GamesIndustry.biz is reporting that Atari has posted a $0.3 million dollar quarter three loss due to restructuring. Additionally, Atari reports that they are behind in payments to their primary lender, Blue Bay High Yield Investments.

Atari also reported that from December 31, 2007 through February 12, 2008 the company has been in violation of its financial covenants. BlueBay High Yield Investments, Atari's lender and a majority shareholder of Infogrames, has not waived this violation.

BlueBay has entered into a forbearance agreement with Atari stating that it will not exercise its rights on its facility until March 3, 2008, provided that no further covenant defaults or adverse actions transpire before that time.

But for restructuring, Atari would have posted a $3.7 million Q3 gain. Check the rest at Games Industry.