Absolute Poker Merely Restructuring?May 6, 2011 10:45 am
Following the recent speculation that Absolute Poker and Ultimate Bet were on the brink of bankruptcy, the online poker sites’ operator Blanca Games Inc has now moved to dispel any such rumours.
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The story first gained ground after it was reported that a debt holder of Blanca Games Inc called Madeira Fjord, had filed for bankruptcy after being told future debt payments were being terminated by Blanca Games Inc.
However, Blanca Games Inc has insisted that the bankruptcy of Madeira Fjord does not impact itself or its brands, and that it would continue to operate Absolute Poker and UB in the non-US market.
Blanca Games Inc has said this also accounts for the fact it had to release almost 300 staff from its centre of operation in Costa Rica recently, as it sought to streamline its business. Accordingly, a Blanca Games Inc statement read:
“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.”
The company further reiterated that it expected its restructuring to strengthen its brand,, while at the same time also emphasising its future commitment to both staff and players.
Meanwhile, both Absolute Poker and Ultimate Bet have increased their customers withdrawal maximum to $1,000 for Visa and $500 for any other method, with up to one transaction allowed each week.
Blanca Gaming owns the Cereus Network on which Absolute Poker and Ultimate Bet appear. However, the poker network has also suffered the most from the Department of Justice indictments with traffic having fallen by 76%, compared to 38% for Full Tilt and 26% for PokerStars.