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Tel Aviv Court Appoints Administrator for Papaya Gaming Debt Settlement and Freezes Proceedings
The Tel Aviv District Court appointed an administrator for Papaya Gaming's debt settlement and imposed a 45-day stay on proceedings. The court requires a combined settlement model including business operations and investor input to secure repayment of $718 million ordered by a U.S. court.
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What happened
- 01Tel Aviv court appointed a settlement administrator for Papaya Gaming and froze proceedings for 45 days.
- 02Papaya Gaming aims to repay up to 100% of debts despite cash flow insolvency.
- 03Settlement must combine ongoing operations, owner contributions, and investor involvement.
- 04U.S. court ordered Papaya Gaming to pay $718 million in damages; company plans to appeal.
- 05Judge requires improved settlement model beyond current income-based proposal.
- 06Decision follows similar U.S. court ruling granting Papaya Gaming temporary relief.
Papaya Gaming plans to appeal the U.S. ruling and cooperate fully with the settlement process.
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