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Progressive Gaming Will Liquidate

Gaming systems provider Progressive Gaming International will liquidate all its assets following a formal bankruptcy filing, it was reported last week. The company, which formerly manufactured slot machines for land casinos, sold almost all of its assets to International Gaming Technology back in January. Now, its more than five million dollars in unsecured debt will see the company wiped out completely. Progressive Gaming claims to have assets totaling no more than two hundred sixty-three thousand six hundred dollars.

Major problems for the troubled slot machine manufacturer began back in January, when Progressive failed to meet a scheduled payment on the seventeen million dollars in debt that it owed to California-based Private Equity Management Group. At that time, IGT agreed to purchase the lion’s share of Progressive Gaming’s assets for just over sixteen million dollars, with the intention of merging Progressive’s worldwide operations into its own offices. Progressive owed IGT fifteen million dollars in a convertible note.

Progressive owes between two thousand and twenty-one thousand dollars to each of its board members, who voted on January 26th for the company to be liquidated. It owes toymaker Hasbro one million dollars in an unsettled lawsuit judgment. The slot machine company owes a great deal of money in professional services, as well as a handful of casinos and other gaming technology companies to whom they were in debt. Progressive Gaming began life over twenty years ago as the Mikohn Gaming Corp. In 2007, the company experienced what can only be described as a financial meltdown, and a year later lost most of its upper management.

Back to March 2009 Archive.