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Papaya Gaming Seeks Temporary Stay After $719 Million US Court Ruling
Papaya Gaming has obtained a temporary stay from an Israeli court after a US ruling ordered it to pay $719 million to Skillz Platform. The company plans to appeal the judgment, citing major errors, and proposed a debt arrangement to maintain operations and ensure creditor repayment.
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What happened
- 01Papaya Gaming faces a $719 million US court judgment favoring Skillz Platform and plans to appeal.
- 02Israeli court granted a temporary stay of proceedings to prevent enforcement actions.
- 03Papaya Gaming holds about $151 million in cash, insufficient to cover the judgment.
- 04The company proposed a debt arrangement with annual cash deposits to secure creditor payments.
- 05Papaya Gaming claims the lawsuit is a market exclusion tactic by Skillz and the judgment is unprecedented.
- 06The stay does not affect players’ rights to withdraw funds or ongoing supplier payments.
The stay prevents enforcement actions while the case proceeds in both Israel and the US.
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