Israeli Gaming Firm Papaya Barred From Moving Funds Out of US
Translated & summarized from TheMarker by baba
Israeli gaming company Papaya is prohibited from moving funds out of its U.S. bank accounts by a Delaware judge. The ruling allows deposits but not withdrawals, following a lawsuit loss and debt settlement proceedings. Judge Mary Walrath criticized the company for transferring money during the legal case.
The story in 5 lines · by baba
- Israeli gaming company Papaya is barred from moving funds out of its U.S. bank accounts.
- A Delaware judge allowed deposits but prohibited withdrawals from Papaya's U.S. accounts.
- The company is undergoing debt settlement after losing a lawsuit to an American competitor.
- Judge Mary Walrath criticized Papaya for moving money during the active lawsuit.
- Papaya's U.S. bank accounts were ordered frozen on Friday.
A Delaware judge has prohibited Israeli gaming company Papaya from transferring funds out of its U.S. bank accounts, citing concerns over the company's financial activities during ongoing legal proceedings. The ruling allows Papaya to continue depositing money into these accounts but forbids any withdrawals.
This decision follows a turbulent legal weekend for Papaya, which is undergoing debt settlement proceedings after losing a lawsuit filed by an American competitor. U.S. Bankruptcy Court Judge Mary Walrath ordered the freezing of all Papaya's U.S. bank accounts on Friday. The judge criticized Papaya for moving money out of the U.S. while the lawsuit against it was active, rejecting the company's explanations.
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