Atari Adds New Members to the Board, Appoints CRO
Atari's French parent, Infogrames, recently demanded that Atari strike five members from its board of directors and appoint a Chief Restructuring Officer to oversee Atari's turnaround.
Today, Atari announced that it has appointed four new independent members to its board: Wendell Adair (a senior lawyer with considerable restructuring experience), Eugene Davis (founder and chairman of Pirinate Consulting Group, a company that focuses on restructuring companies), James Shein (a professor of Management and Strategy at the Kellogg School of Management at Northwestern University) and Bradley Scher (a Managing Member of Ocean Ridge Capital Advisors). All four board members have experience and expertise dealing with distressed companies and the restructuring thereof.
Curtis Solsvig III (a Managing Director at AlixPartners) has been Named Atari's Chief Restructuring Officer, and his firm (AlixPartners) has been retained to advise Atari on its restructuring options.
Major shareholder Coghill Capital Management filed a statement with the SEC objecting to Infogrames' recent behavior and demanding that Atari "put an end to the sweetheart agreements with Infogrames, and seek compensation from Infogrames and the Issuer’s management for the serious damage they have caused both the Issuer and its public shareholders."
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