Aruze Gaming America, Inc. Announces Plan for Financial Restructuring
Restructuring to commence via Chapter 11 bankruptcy filing
February 01, 2023 07:45 PM EST
LAS VEGAS--(BUSINESS WIRE)--Aruze Gaming (Aruze), a leading developer of gambling entertainment solutions for the global casino market, today announced it has filed a voluntary petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the State of Nevada.
This action is a part of Aruze’s efforts to seek financial restructuring in the wake of a recent garnishment judgment against Aruze resulting from a separate judgment against Aruze’s shareholder. Aruze intends to continue operating normally and utilize Chapter 11 protections to provide for an orderly consideration of the relative rights of Aruze’s creditors, customers, and employees.
“This filing was a critical business strategy we were forced to make due to external factors outside our control. We fully understand the implications associated with this action, but we believe this is the best way for Aruze to maintain the overall health of our business,” said Global CEO Yugo Kinoshita. “This restructuring has no reflection on the health of Aruze. We’re proud of the advances we have made to establish Aruze as a casino mainstay. We are highly confident this action will protect our brand, our legacy and our suite of games. As we progress through this process, we are assured that Aruze will emerge as an even stronger company.”