Feb 02, 2023 Newsdesk Industry Talk, Latest News, Top of the deck, World
Casino slot machine and electronic table game supplier Aruze Gaming America Inc on Wednesday said it was opting for voluntary financial restructuring under Chapter 11 of the United States’ Bankruptcy Code, in “the wake” of a legal matter, though stressed it “intends to continue operating normally”.
Its voluntary petition is in the U.S. Bankruptcy Court in the District of Nevada.
The firm said it related to “a recent garnishment judgement against Aruze resulting from a separate judgment against Aruze’s shareholder”. It did not give further details about the judgement.
But the firm said it “intends to continue operating normally”, and use Chapter-11 protections for the financial restructuring action, so as to provide “orderly consideration of the relative rights of Aruze’s creditors, customers and employees”.
Aruze’s global chief executive Yugo Kinoshita was cited in comments in the Wednesday statement saying: “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.”
The Aruze executive was also quoted saying: “This restructuring has no reflection on the health of Aruze… We are highly confident this action will protect our brand, our legacy and our suite of games.”
On Wednesday, Aruze Gaming announced the departure of its U.S. branch president Robert Ziems.
CEO Mr Kinoshita “will be taking on the responsibilities of day-to-day operations of the company as they engage in a search to identify the next leader of the U.S. branch,” stated the company. The transition takes effect March 1, 2023, it added.
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