Blanca Gaming Files Bankruptcy

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Blanca gaming, the parent company of UB.com and Absolute poker is filling for bankruptcy protection in Norway. The way it looks is they are completely broke, and can’t pay players bankrolls. In a CNBC Article by Mike Brunker the details unfold to tell the story.

Madeira Fjord of Norway, which represents shareholders in the poker websites’ parent company, Blanca Gaming of Antigua, said in an email to shareholders this week that it planned to file for bankruptcy protection in Norway after being informed that the latter company had “no cash on hand and no prospects for any cash flow for the foreseeable future.”

In case this leaves any doubt as to whether they will or will not be playing players, the article goes on to put it more clear:

“Most importantly, Blanca Gaming has provided notice … that it is currently unable to make any payments toward its debt obligations,” it said. “Additionally, Blanca has further advised that there will be no future payments.”

So that is the word, no future payments. What a bummer.

The above report is denied in a statement from Blanca Games inc.

 

As previously stated, Absolute Poker and UB ceased their U.S.-facing operations due to recent legal developments in the United States. The company is currently restructuring and is focusing its resources on consolidating its non-U.S., rest-of-the-world operation and software business. In order to have a more efficient and successful future business, an immediate need to downsize and streamline operations significantly at both online poker rooms has been required. Absolute Poker and UB continue to operate their non-U.S.-facing business.

Hmmm…..Interesting statement. I will be cutting parts of the statement, to read it all click the link above.

This decision comes after considerable review and analysis of the impact that ‘Black Friday’ has had on the business as a whole. The workforce has been liquidated, and the process of rehiring approximately 20% of staff in key positions has commenced. All affected employees have been informed of this necessary restructure.

So they fired them all, and now are rehiring 20%. I don’t understand that, but I know Costa Rica has very strict labor laws.

The Company spokesperson also addressed erroneous reports that Blanca has filed for bankruptcy. The apparent confusion over this issue stems from the fact that Blanca recently informed a debt holder, Madeira Fjord, that it was terminating debt payments to, and its relationship with them. As a result, Madeira Fjord apparently filed a notice of bankruptcy in Norway. This notice has no negative impact upon Blanca, the operating company, or its brands. As stated previously, Absolute Poker and UB continue to operate their non-U.S. facing business around the world.

I honestly do not understand who filed bankruptcy, and how it effects the situation. I still think it is possible there is a money grab going on. It is also possible the FBI is diligently trying to apprehend the principles.