Casino electronic gaming machine maker Aruze Gaming filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Nevada on Wednesday.
The company, the maker of the Roll To Win craps machine, has also announced that US branch manager Robert Zeems is leaving the company and global CEO Yugo Kinoshita will assume day-to-day responsibilities for Zeems until a replacement is found. there is
Japan-based Aruze, which also makes electronic roulette games, has announced it will seek Chapter 1 bankruptcy protection, triggered by a foreclosure judgment against one of its shareholders.The company said it will continue to operate as normal during the bankruptcy proceedings.
この申請は、当社がコントロールできない外部要因によって行わざるを得なかった重要な事業戦略です。この措置に伴う影響は十分に理解しているが、アルゼが事業全体の健全性を維持するためには、これが最善の方法だと考えている」と木下は声明で述べている。Kinoshita added that the bankruptcy is not a comment on Aruze's overall health, but that he is confident the company will come out stronger.
Aruze Gaming looking to rebuild
Aruze, which maintains its U.S. headquarters in Las Vegas, may seek corporate reorganization under Chapter 11, which creditors must approve.
Title 11 bankruptcy lawsuits are often referred to as "restructuring" bankruptcies.Normally, the debtor remains the "owner", has the powers and duties of the trustee, can continue the business, and can, with court approval, take out new loans. According to the US Courts, "A plan of recovery is proposed, and the affected creditors may vote on the plan, and if it obtains the necessary votes and satisfies certain legal requirements, the plan may be admissible by the courts. It will be approved."
This is very different from Chapter 11 bankruptcy proceedings, which are one of the most common corporate bankruptcies after Chapter 7 bankruptcy.Chapter 7 bankruptcy law often applies to heavily indebted companies facing ongoing problems.In such a scenario, creditors believe redemption is unlikely and the company liquidates its assets to pay off some of its debt.
The situation facing Aruze is less dire and the makers of the 'Rock Paper Scissors Instant Win' slot machine have a chance to settle things with their creditors to avoid further confusion.
Aruze has an interesting company history
In 2018, Aruze was hit with a patent infringement lawsuit.That same year, the gaming device maker was in a legal skirmish with Wynn Resorts.It was a dispute that paid $24 billion to a Japanese company after the casino operating company forcibly liquidated its Aruze stake in Wynn.
According to a press release posted on Aruze's website, Aruze's customers in the United States include BetMGM, Circa Las Vegas and Seminole Tribe of Florida, which operates Hard Rock International.
Comment