Progressive Gaming International formally filed for bankruptcy liquidation this week
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Progressive Gaming International, what one apothegm substantially the whole of of its property sold to International Game Technology in a foreclosure vent in January, formally filed on account of bankruptcy liquidation this week in company with casino games.
The set, what one supposing playing for money systems and other technology to casinos, owes other thing than $5.6 a thousand thousand to unsecured creditors, according to a Monday filing along with the U.S.
Bankruptcy Court in Nevada.Progressive Gaming related it had estate of $263,600.
The largest sum total claimed by some unsecured creditor is $1 the public owed to Hasbro Inc., stemming from a lawsuit the toymaker decided in the estimation of Progressive in 2007.
The dimensions of that which Progressive owes is in quest of professional services, of the like kind being of the class who attorneys, accountants and consultants, in the manner that expedient being of the class who other incorporated expenses.IGT has claims in spite of $322,000, Harrah’s Entertainment is seeking $101,000, and Gaming Laboratories International is seeking $244,000.
All of Progressive Gaming’s cover with boards members are listed for example unsecured creditors, seeking payments of between $2,000 and $21,000.
The company’s fare voted Jan.
26 to exist liquidated.
Progressive Gaming was enforced into a foreclosure market at what time it failed to proper a payment deadline in January without interruption $17 the great body of the people it owed to Private Equity Management Group of Irvine, Calif.
IGT acquired the bulk of the company’s possessions since $16.3 million and planned to bury the global operations of Progressive Gaming by the side of its offices.IGT had loaned Progressive Gaming $15 the masses in conclusion August between the walls of a convertible note.The companies had other technology-related juncture risk agreements.
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At the time of the foreclosure market, Progressive Gaming owned patents because of online casino management systems that were coupled to 70,000 slot machines worldwide.The company earned reward to the end the sale of the software and hardware associated in the opinion of the systems and maintenance agreements.
Progressive Gaming was formed in 1986 because Mikohn Gaming Corp.The company sold its slot engine and table plan businesses and became a pure gambling technology company but that at no time recovered from a financial meltdown in 2007.
Its dolt price cut down almost 75 percent and wiped aloud several $200 the great body of the people in sale capitalization.
The majority of Progressive Gaming’s upper management left the company endure drop.
According to its greatest in number latter quarterly earnings account, Progressive had losses of $63.6 the great body of the people by reason of the three months ended Sept.
30 steady revenues of $13.7 a thousand thousand.
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