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Aruze Gaming Seeks Chapter 11 Bankruptcy Protection | Casino.org
Posted on: February 2, 2023, 02:52h.
Last updated on: February 2, 2023, 03:35h.
Aruze Gaming, a manufacturer of electronic gaming devices for casinos, filed for Chapter 11 bankruptcy protection on Wednesday in the United States Bankruptcy Court for the State of Nevada.
The maker of the Roll To Win Craps machines also said that US branch president Robert Ziems is departing the company, and Global CEO Yugo Kinoshita will assume Ziems’ day-to-day responsibilities until a replacement is found.
Japan-based Aruze, which also manufactures electronic roulette games, said it’s pursuing Chapter 11 protection after a judgment against one of its shareholders triggered a garnishment ruling against the company. The firm said it will operate normally during the bankruptcy proceedings.
This filing was a critical business strategy we were forced to make due to external factors outside our control. We fully understand the implications associated with this action, but we believe this is the best way for Aruze to maintain the overall health of our business,” said Kinoshita in a statement.
The CEO added that the bankruptcy isn’t a commentary on Aruze’s overall health, and he believes the company will emerge stronger.
Aruze Gaming Looking for Reorganization
Aruze, which maintains its US headquarters in Las Vegas, could be angling for a corporate reorganization – one that creditors must approve — under Chapter 11.
“A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a ‘reorganization’ bankruptcy. Usually, the debtor remains ‘in possession,’ has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money. A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements,” according to US Courts.
That’s significantly different from Chapter 7 proceedings, which are among the most common corporate bankruptcies after Chapter 11. Chapter 7 is often pursued by heavily indebted companies that face ongoing concerns. In those scenarios, creditors see little hope for redemption and the company liquidates its assets to pay off some of its obligations.
The situation Aruze is facing isn’t that dire, and the maker of the Rock Paper Scissors Instant Win slot machines has the opportunity to work things out with its creditors in an effort to avoid further disruptions.
Aruze Has Interesting Corporate History
In 2018, Aruze was slapped with a patent infringement suit. That same year, the gaming device manufacturer was engaged in a legal skirmish with Wynn Resorts. It was a dispute in which the casino operator paid the Japanese firm $2.4 billion stemming from the forced liquidation of Wynn’s Aruze stake.
According to press releases on its website, Aruze clients in the US include BetMGM, Circa Las Vegas, and the Seminole Tribe of Florida, which operates Hard Rock International.
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UbetMobile.com Article Base: Aruze Gaming Seeks Chapter 11 Bankruptcy Protection uBetMobile – 2023
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