Aruze Gaming files for bankruptcy in a Nevadan court
The company states this is part of a financial restructuring and it will protect its employees and investors.
Aruze Gaming, a developer of gaming entertainment solutions, has announced that it will be filing for bankruptcy under Chapter 11 of the US Bankruptcy Code. Today, it has filed a voluntary petition to the Bankruptcy Court for the State of Nevada.
Although the company’s statement failed to 100% make clear which division is filing for bankruptcy, it would appear it is the Aruze Gaming America branch that has filed the petition.
This action is a part of Aruze’s efforts to seek financial restructuring in the wake of a recent monetary penalty judgment against the company. This penalty was enforced following a separate judgment against one of Aruze’s major shareholders.
Aruze has outlined its intentions to continue operating normally and to use Chapter 11 protections to allow for orderly and proper consideration of the relative rights of Aruze’s creditors, employees and customers.
Aruze Global CEO Yugo Kinoshita commented: “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.”
As Aruze recently opened an office in Europe, this may come as a surprise to many in the US. There were other signs Aruze was not in financial deep waters, such as its signing of a new deal with BetMGM earlier this month.
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