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Pacific Net Settles Bond Holders Dispute

The Asian online and mobile gaming technology provider PacificNet Inc., has reached a settlement in its litigative dispute with bondholders in a Delaware federal bankruptcy court, where the plaintiffs had sought Chapter 11 relief.
 
In compliance with the agreement, PacificNet has amended and restated the terms of certain convertible debentures in the aggregate principal amount of approximately $6.2 million. Upon entering into the agreement, the PacNet paid $150 000 of the obligations under the Debentures in cash and issued 668 322 shares of common stock to the bondholders upon conversion of a portion of the Debentures.
 
The remaining outstanding Debentures in the aggregate principal amount of approximately $5.5 million are convertible at a conversion price of $2.00 per share.
 
PacificNet has agreed to make 10 monthly payments under the Debentures and also apply sums due under certain receivables toward payment. All obligations of the Company to the bondholders under the Debentures are due on or before July 15, 2009, and the bondholders have received a security interest and collateral assignment in receivables of the company and certain of its subsidiaries.
 
Additionally, PacificNet has issued to the bondholders new debentures representing additional amounts owed to them, which will be due in the event that the company does not comply with the agreement.
 
Finally, the parties have agreed that the bankruptcy action and all related pending litigation will be immediately dismissed without prejudice immediately. On December 15, 2008, provided there are no defaults under the settlement documents, these dismissals would be with prejudice.
 
Victor Tong, President of PacificNet, said: ''We are very glad to settle our differences with the bondholders so we can move forward to focus on the Asian Gaming Technology Strategy. We'd like to thank them for their support while PacificNet has been transforming itself throughout the years. We will continue to strive for the best return for our shareholders in this turbulent market."



Gambling News :

Day 2 of the MPNPT Tallinn Main Event - Day 1b of the MPN Poker Tour 2017 Tallinn Main Event easily surpassed the tournament’s €150,000 guarantee on its own. Yesterday’s 416 entries brought the total number so far up to 522

Michael Myers is back in Halloween Slot Machine - Get ready for a blood-curdling adventure with Microgaming’s latest offering – Halloween Follow Annie, Lynda, Doctor Loomis, and our heroine Laurie as they try to survive the ultimate horror movie villain, Michael Myers.

Joe Fortune new Rewards Program - Once you sign up, you’re automatically enrolled in the rewards program – and that’s when the epic journey begins. You’ll start earning Adventure Miles immediately, and can embark on the quest of a lifetime: To get paid to play, which stays true to the rewards program’s slogan, ‘Play More Get More’.

Day 1a MPN Poker Tour Tallinn Main Event - Day 1a brought 106 entries into the €550 Main Event, with nearly as many players turning out for the last €35 super satellite into tomorrow’s Day 1b

NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday - Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.

Pro League Reveals Sportradar Contract Details - The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.

NFL Odds: Steelers Visit Undefeated Chiefs #TNF - The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.

Mega Moolah strikes again - The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.

2 New Slots For Microgaming Casinos - David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.

MLS Odds: Red Bulls vs. Whitecaps - The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.

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