Atari has filed for Chapter 11, the publisher announced today, and the move will see the iconic company selling off "substantially all" of its assets including its logo, as well as its video game properties. Pong, Asteroids, Tempest, Missile Command, Battlezone, Centipede, and Test Drive were all mentioned this morning as examples of its assets that will probably be sold.
The reasons for the move don't seem too complicated (Atari wants to detach itself from a troubled parent company), but we're not lawyers and won't try to spell all of this out. This LA Times article seems like a good place to go if you want some hard, cold business details on all of this.
As noted, Atari plans to get this sale wrapped up within the next 90-120 days. It'll be interesting to see who jumps in and walks away with these legendary games because mobile's got to be the place we'll see them re-appear on, right?