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Parlay Entertainment In Financial Trouble
Written On 5/6/11 By Recentpoker.com staff writer Lenny Wasman :
That ugly word 'bankruptcy' in latest company statement
The Canadian online bingo software provider Parlay Entertainment Inc is in financial trouble, judging by a statement this week outlining restructuring and Bankruptcy and Insolvency Act (Canada) moves.
The statement advises that the board of directors has appointed BDO Canada Limited to assist it in a restructuring strategy, and to act as its Proposal Trustee in "....the filing of a Notice of Intention to make a proposal to its creditors in terms of the Act with the Superior Court of Justice, Province of Ontario."
As part of the Bankruptcy and Insolvency Act filing, Parlay advises that it has agreed to borrow from MPProjects Assets S.A., an aggregate amount of up to Cdn$500,000 by way of draw down credit financing in order to provide MPProjects with a second ranking charge "encumbering the universality of Parlay's property wherever located."
BDO Canada will assist Parlay to restructure, considering a number of strategic options, including the possibility of an offer for the shares of the company or an offer for the purchase of all or substantially all of the company's assets.
Parlay Entertainment advises that MPProjects has expressed an interest in making an offer to purchase substantially all of its assets and has provided a deposit with BDO in the amount of Cdn$100,000 as evidence of its intention so to do.
The board further advises that Parlay has not filed its annual audited consolidated financial statements in accordance with the legal requirement to do so by May 2, 2011, with the Canadian securities regulators. A Cease Trade Order was accordingly issued on May 5th, suspending trading in the company's shares until the financial statement can be submitted.
3 Top Bitcoin Poker Sites -
Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.
Kentucky Derby Odds: Justify still Favorite -
With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.
888Poker Takes Over the States -
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Top gambling ICOs to watch this year -
The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.
MPN Poker Tour Bratislava | Day 2 -
It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.
MPN Poker Tour Bratislava Day 1B -
Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today
MPN Poker Tour Bratislava Day 1A -
The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.
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