Atari's US arm is trying to break off from its France-based parent company, Atari SA. It's filed for bankruptcy and is selling all its assets.

This includes selling games like Pong and Asteroids, which are staples in our gaming history. They've filed for Chapter 11 protection and will be selling "all or most of their assets." The reason for this is because BlueBay, its main shareholder and sole lender, had announced that it wanted to sell its position in October 2010, but no investors have stepped up to the plate.

Jim Wilson, Atari CEO said: "In light of the current situation with BlueBay, we have decided to take what we think is the best decision to protect the Company and its shareholders. Through these ongoing procedures, and especially the auction process in the US, we will seek to maximize the proceeds in the best interest of the Company and all of its shareholders."

It's a sad day when one of gaming's most beloved companies goes bankrupt and has to sell the very assets that helped it become a part of our collective consciousness, but we'll update you more on this story when new information surfaces.

In the meantime, let us know what your favorite Atari games were and if you'll miss the company.