Aruze Gaming America has announced that it is filing for bankruptcy, in an attempt to undergo a financial restructuring.
The CEO of the gaming manufacturer says that the filing is “the best way for Aruze to maintain the overall health of our business,”noting that “this restructuring has no reflection on the health of Aruze”.
The financial restructuring comes in the wake of legal action against Aruze’s shareholder, namely a garnishment judgement – meaning that the court has ordered the seizure of property or assets.
While the Chapter 11 filing with the state of Nevada was file on Wednesday, the company notes that it ‘intends to 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.
The company appears to be convinced it will be able to continue to operate despite the bankruptcy filing, with the CEO Yugo Kinoshita noting that “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.”
On Wednesday, the company also announced the departure of its US branch president Robert Ziems.
Starting from March 1st, Kinoshita will ‘be taking on the responsibilities of day-to-day operations of the company’ as they search for the next leader of the US branch.
Despite the announced financial restructuring, the company has been progressively growing and moving into new markets, opening its first European office in January, in the Netherlands, and seeing growth in sales in Europe, the Middle East and Northern Africa.
It’s unclear how the financial restructuring will yet affect the group’s Asian operations.