Atari, a pioneer in the video game industry, has filed bankruptcy in the US. Unfortunately, it seems that the parent company, Atari SA, is debt-laden and this move is a way to free the company from the parent. By doing this, Atari is looking to continue as a company, just on its own.

Atari is selling off assets in the next three to four months, including its iconic logo. The company that emerges from the other side of bankruptcy is slated to be a company focused on the digital and mobile platforms. Atari has already been gearing up towards Android and iOS development since 2010.

Atari has reportedly received a debtor-in-possession investment of $5.25 million so that the company is capable of continuing to operate during the bankruptcy process. The plan is to seek a private buyer after the bankruptcy process, though that could be hard if they have sold off their iconic franchises and logo.