Bluebay Buys Quarter of Infogrames

Investment fund Bluebay Value Recovery Fund plans to save the ailing Infogrames.

Video game publisher Infogrames announced that Bluebay Value Recovery (Master) Fund disclosed to the Autorité des Marchés Financiers (AMF) that the fund has purchased 22.5 percent of Infogrames shares and controls 22.43 of the company's voting rights. Blubay holds a total of 288,627,392 shares after excercising 50 million stock warrants with another 131.6 warrants still available. The remaining shares are owned by GLP funds (9.29 percent), Morgan Stanley (4.06) and the rest are floating on the Euronext Paris exchange.

BlueBay is seeking representation on the Infogrames Board of Directors but does not want to control the company. However, if necessary, BlueBay is prepared to purchase up to 49 percent of the stock in order to salvage the company and its shares.