Slot supplier Aruze Gaming announced it has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for Nevada.
The 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 shareholders.
Aruze officials say they will 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,” said Aruze Global CEO Yugo Kinoshita. “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.
“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.”
Despite his troubles in Asia, where he took over an affiliated company, the Okada Resort in Manila for a few months this , owned by Universal Entertainment, Kazuo Okada remains firmly in charge of Aruze.
