Barclays Bank Pulls Plug On World Gaming
Published: Saturday, October 14, 2006 Online-Casinos.com
BARCLAYS BANK PULLS THE PLUG ON WORLD GAMING
Pioneer turnkey provider goes into administration
World Gaming (previously Starnet) is a company that has survived more than its fair share of crises, with a decade or more of history that has included hassles with the Canadian RCMP in the Starnet days, serious confrontations with players over promotional hiccoughs and intense board room battles. This month the company ran aground on an issue that brought it to its knees - adverse conditions occasioned by US politicians that saw its share price plummet and the cancellation of a GBP 56.6 million takeover deal with Sportingbet.
With a massive dependency on the US market, the company was in a fatal downward spiral, and the secured creditors of World Gaming, understood to be Barclays Bank, pulled the plug yesterday (Friday) and called in administrators UHY Hacker Young. Andrew Andronikou and Peter Kubik from UHY Hacker Young have been appointed as administrators.
The company took on GBP 23 million of debt when it acquired US-facing online bookmaker Sportsbetting last October.
The administrator has issued a statement saying: "The secured creditor has subsequently concluded that it is reasonably likely that administration will achieve a better result for the Company's creditors than would be likely if the Company were to be wound up."
All the directors have resigned, led by CEO Daniel Moran. The company has operations in Antiqua, Vancouver and London but it is not clear how many employees will lose their jobs.
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