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Aruze Gaming’s Financial Restitution – Voluntary Petition for Bankrupcy | World Casino News
One of the most popular developers of gambling entertainment solutions in the world, Aruze Gaming, is experiencing some financial difficulties these days. The company handed over the voluntary petition for bankruptcy in Nevada.
Benefits of Chapter 11:
Chapter 11 of the Bankruptcy Code allows this in the United States. The company filed it in the United States Bankruptcy Court, referring to its casinos in Nevada.
Aruze tried to find support for the financial restructuring because of the garnishment judgment, which was the consequence of another case. The involved party was one of Aruze’s shareholders, which significantly impacted the company.
However, casinos won’t be closed – they will continue working as usual and use the benefits of Chapter 11. It will enable the company to take care of its creditors, customers, and employees and protect its rights.
Yugo Kinoshita, a Global CEO, commented on the recent events: “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. This restructuring has no reflection on the health of Aruze. We’re proud of the advances we have made to establish Aruze as a casino mainstay. We are highly confident this action will protect our brand, our legacy, and our suite of games. As we progress through this process, we are assured that Aruze will emerge as an even stronger company.”
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