Is Parlay Entertainment Facing Bankruptcy?

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.

Bingo Society News General Bingo News

Login to post a comment:


Click Here to register a new account

What's going on right now!

2mins ago someone from gb flag United Kingdom read Bingo Cafe review

Bingo Community

Share this page on:
Follow LBB on:
Follow LBB

Join now for full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.

In the last 24h


  • New Members
  • Members Online
  • Guests

eighteen plus only

Follow LBB on Facebook Follow LBB on Twitter Follow LBB on Pinterest Follow LBB on Google plus


Subscribe to our newsletter and get access to tournament codes, the biggest and best exclusive offers, new brand alerts, rogue reports and more!

Enter your email adress:

T&C's Apply. 18+

You have been successfully subscribed to receive LBB newsletter!