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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.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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