Atari declares bankruptcy, putting their assets and logo on the chopping block
Atari US declares bankruptcy in an attempt to get out from under the thumb of Atari SA.
Atari US just declared Chapter 11 bankruptcy. That's right, you can buy Pong now!
You wouldn't know it from www.atari.com though: they're advertising Baldur's Gate, Pong World, and Tera, among other games. This is because Atari US's parent company is Atari SA, based out of France.
Atari US will be selling all of its assets including multiple classic IPs like Pong and Centipede. The France-based parent company Atari SA has ongoing debt issues, and this course of action is Atari's attempt at preserving what they can... Though apparently even the logo is rumored to be for sale. I'm not sure about newer gamers, but those sweeping three lines are instantly recognizable to me, even if the actual company has been all over the map in terms of stability.
You can read the original newswire post here for more technical details about the bankruptcy filing.