Parlay completes sale of assets
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.
The US state of Kentucky is to introduce an online lottery system; a move the Kentucky Lottery Corporation believes will boost sales.
Online gaming revenues in the US state of Delaware rose by seven per cent in July despite a 55 per cent nosedive in poker income in the month.
Williams Interactive has launched its white-label Play4Fun Network online gaming and marketing platform with Parx Casino.
InterGame is the only monthly magazine covering the international coin-op amusements and gaming industry.Learn more
InterGaming is the leading monthly magazine covering the international land-based casino and gaming industry.Learn more
Published bimonthly, iNTERGAMINGi is the leading publication for the growing international online gaming industry.Learn more
An extensive annual review of the industry covering all three gaming sectors and including a global directory of suppliers.Learn more
InterGaming Law is a bi-annual magazine, launched to meet increasing demand for an independent international publication dedicated to legal developments affecting the global gaming sector.Learn more