6th of May 2011 Author: Glo Wood
Financial troubles for Canadian online bingo software provider
Judging by a statement this week outlining restructuring and Bankruptcy and Insolvency Act (Canada) moves, the Canadian online bingo software provider Parlay Entertainment Inc is experiencing financial difficulties.
It was advised in the statements that the BDO Canada Limited was appointed by the board of directors to assist it in a restructuring strategy, and to act as its Proposal Trustee in "....the filing of a Notice of Intention to make a proposal to its creditors in terms of the Act with the Superior Court of Justice, Province of Ontario."
Parlay will receive help from BDO Canada in restructuring, considering a number of strategic options, including the possibility of an offer for the shares of the company or an offer for the purchase of all or substantially all of the company's assets.
In addition, as part of the Bankruptcy and Insolvency Act filing, Parlay specified that it has reached an agreement on borrowing an aggregate amount of up to Cdn$500,000 from MPProjects Assets S.A. by way of draw down credit financing in order to provide MPProjects with a second ranking charge "encumbering the universality of Parlay's property wherever located."
Apart from this, MPProjects is reportedly interested in purchasing substantially all of Parlay's assets and has provided a deposit with BDO in the amount of Cdn$100,000 to prove its intentions as a buyer.
And since Parlay failed to file its annual audited consolidated financial statements to the Canadian securities regulators within the legal deadline (by May 2, 2011), the trading in the company's shares was suspended by a Cease Trade Order until the financial statement can be submitted.
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