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Atari borrows $10 million

US publisher Atari has entered into a $10 million credit agreement with Infogrames shareholder Bluebay Asset Management, but has added that the loan alone will not be enough to meet its demand throughout the busy Q4 period.

"This revised credit facility is a major step in addressing Atari’s liquidity needs and providing financing to support its near term business plan," Atari’s chief restructuring officer Curt Solsvig III stated

A statement from parent company Infogrames added: The Senior Secured Credit Facility waives and amends certain provisions of the previous Guggenheim Credit Facility, increases the availability to $10 million, eliminates the borrowing base requirements and certain prepayment fees, and extends the maturity of the outstanding borrowings to December 31st 2009.”

Atari has confirmed that it is seeking sources of additional funding.

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