Despite a report indicating that the online poker rooms Absolute Poker and UB are filing for bankruptcy, there have been a certain chain of letters and announcements made that negate this idea. However, as of now no definite outcome has been predicted.
Recently there was an email released online, which was sent from Madeira Fjord of Norway, that represents shareholders of the poker websites’ parent company, Blanca Games to their shareholders stating that due to the events that took place on Black Friday it is going bankrupt and hence filing for bankruptcy.
Blanca Gaming advised that it is unable to make payments towards the debt obligations faced and that there would be no future payments. Over the last two months, it has accumulated debts of more than $250000 that is increasing by $100000 per month. The Oslo court would be appointing a Receiver, who will then represent the company from the day of filing of bankruptcy and dissolution of the duties of Board of Directors.
There also have been reports regarding the two companies Absolute Poker and UB having laid off more than 95% of its staff. Although, Absolute Poker and UB have been given the same opportunity just like PokerStars and Full Tilt Poker to agree to federal terms, they are still in the process of discussing the same. They released a statement saying that they are reviewing the court filings before taking any action. This leaves the players worrying about their real money accounts with these poker sites, although these companies have stated their intentions to release the players’ funds in the future.
Blanca Games issued a statement regarding the same stating that the companies are restructuring and will then proceed to look at the issues at hand. The Company spokesperson stated that they want to keep their employees and their players in good confidence and hence this whole process was important to them. It was also stated that Blanca was not filing for bankruptcy although Madeira Fjord is doing so, it does not have any effect on Blanca, whatsoever.
Absolute Poker and UB are still functional for non-US players and they have increased the withdrawal limits for their players to $1000 for Visa withdrawals and $500 for other methods. The numbers of transactions per day have increased though players are restricted to one transaction per week. This will be normalized in the future.