New York-based interactive entertainment company Atari Inc. filed for Chapter 11 bankruptcy protection on Monday, announcing plans to sell all its assets. The videogame pioneer, with a portfolio of more than 200 games, has filed in an effort to separate from its French parent Atari SA of Paris (formerly Infogrames SA) and secure independent capital.

“Atari is aiming to complete the sale of its assets in the next 90 to 120 days, it said, either through the section of the bankruptcy code that governs standalone sales or through a plan of reorganization,” reports the Wall Street Journal. “The company has lined up a $5.25 million bankruptcy financing package from funds managed by Tenor Capital Management of Manhattan.”

Founded in 1972, Atari is responsible for classic game titles such as “Pong,” “Asteroids,” “Centipede” and “Battlezone.”

In a statement, Atari explained that its business focus has shifted from “traditional retail games” to digital games and licensing, including an “increased focus on developing mobile games based on some of Atari’s most iconic and enduring franchises.” The company recently released titles for iOS and Android.

“In its petition, filed in Manhattan, Atari cited assets of $1 million to $10 million and debts of $10 million to $50 million,” notes WSJ. “The company filed alongside three affiliates — Atari Interactive Inc., Humongous Inc. and California U.S. Holdings Inc. — and is being represented by attorneys from Hunton & Williams LLP.”

“The move to separate the U.S. business comes after the parent company Atari said in December it was strained for cash,” adds Bloomberg. “The French parent, which hasn’t made a profit since 1999 despite asset sales and restructuring, forecast a ‘significant loss’ in 2012-2013, and said it would weigh all means of raising cash and had been talking to potential investors.”