Amaya Gaming Restructures Payment to PokerStars Founders

The Canadian gaming firm, Amaya Gaming, has reached a revised financial accord with Isai and Mark Scheinberg, the prior proprietors of PokerStars. A payment of $197.7 million, due on February 1st, was restructured by Amaya. The new postponed payment plan requires Amaya to remit three months of non-returnable charges to prolong the due date.

The Scheinbergs sold PokerStars to Amaya in 2014 for $4.9 billion. A combination of cash and deferred remittances totaling $4.7 billion has already been paid to the Rational Group by Amaya. The remaining $2 billion was to be paid by the Canadian enterprise by February 1st.

The Scheinbergs “have consented to abstain from exercising their rights under the initial consolidation contract to mandate Amaya to employ commercially sound endeavors to effect an inventory of its allotments to furnish funding for any exceptional segment of the postponed acquisition cost during 2017” in return for the postponement.

This updated arrangement with the Scheinbergs will permit Amaya to amass its accessible funds throughout 2017 to completely settle its obligation, thereby circumventing “taking on supplementary term debt, modification charges, and related outlays.”

A statement was issued by Amaya Inc. CEO Rafi Ashkenazi.

They felt certain their present strategy showcases the robust financial proceeds of their business structure. This capacity empowers them to allocate resources towards future triumphs while upholding their obligations to the former stakeholders. Their strong 2016 results position them to finalize the outstanding purchase payments according to schedule.