Parlay completes sale of assets

September 5, 2011 by Jenni Shuttleworth

Print this page
In conjunction with its trustee, BDO Canada, Parlay Entertainment has completed the sale of a majority of the company's assets to M Projects Assets, the original stalking horse bidder and the lending party to the previously announced credit agreement.

Despite a rigorous sales and marketing process, no alternative bids were received within the court ordered bidding deadline of July 18, 2011. As such, an approval and vesting order was issued on August 2 and the transaction closed on September 1.

Now that the transaction has closed, Parlay and BDO will proceed with a liquidation proposal, which they expect will be filed tomorrow and which will be the subject of a creditor meeting later in the month. As part of the liquidation proposal, the company is reviewing opportunities for the public vehicle, which will either take the form of an outright sale, reverse merger or wind-up.

MProjects has advised the company that it will operate, invest in and grow Parlay’s business and it will continue to operate under the business names Parlay Games and Parlay Entertainment. The transaction and the restructuring will be transparent to Parlay’s existing business lines and its customers in all jurisdictions.

The board of directors also advises that Parlay is now in full compliance with all financial reporting requirements with Canadian securities regulators. As such, the company intends to apply for a partial revocation of the cease trade order previously issued, which currently impacts on the trading of its shares.

Kiron and Vermantia take virtuals to Uganda

Kiron Interactive and Vermantia have launched their virtual games TV channel with two operators in Uganda.

Ronaldo joins PokerStars

Cristiano Ronaldo is the latest all-star footballer to join the PokerStars team.

Champions League boost for bookies

The UK’s bookmakers will be looking to bounce back from a run of customer-friendly results with next week’s Champions League final.

Related articles

Subscribe

Our Publications

intergame

InterGame is the only monthly magazine covering the international coin-op amusements and gaming industry.

Learn more

intergaming

InterGaming is the leading monthly magazine covering the international land-based casino and gaming industry.

Learn more

intergamingi

Published bimonthly, iNTERGAMINGi is the leading publication for the growing international online gaming industry.

Learn more

Directory

An extensive annual buyers’ directory with more than 1,500 suppliers listed in the coin-op, casino and i-gaming sectors.

Learn more

InterFun

All the latest innovations for children in the indoor play, edutainment, outdoor adventure and simulation sectors.

Learn more

Coin–op Community

Coin-op Community is an online marketplace where buyers meet sellers, produced in association with InterGame.

Learn more

Our Partners

This website uses cookies to enhance your experience and allow key parts of the site to work.
By browsing this website you are giving us your consent to set cookies. Learn more ›