Statement Issued on the Restructuring of Ultimate Bet and Absolute Poker

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Blanca Games, the operator of online poker rooms UB and Absolute Poker released a statement Thursday regarding restructuring. According to the press release, the company is going to turn its focus to non-U.S. business.

“As previously stated, Absolute Poker and UB ceased their U.S.-facing operations due to recent legal developments in the United States. The company is currently restructuring and is focusing its resources on consolidating its non-U.S., rest-of-the-world operation and software business. In order to have a more efficient and successful future business, an immediate need to downsize and streamline operations significantly at both online poker rooms has been required. Absolute Poker and UB continue to operate their non-U.S.-facing business.”

The press release goes on to state that the workforce has been liquidated and the company is in the process of rehiring 20 percent of staff in key positions. Affected employees have been notified that the restructuring is occurring.

Also addressed in the press release were reports that Blanca had filed for bankruptcy. “The apparent confusion over this issue stems from the fact that Blanca recently informed a debt holder, Madeira Fjord, that it was terminating debt payments to, and its relationship with them. As a result, Madeira Fjord apparently filed a notice of bankruptcy in Norway. This notice has no negative impact upon Blanca, the operating company, or its brands. As stated previously, Absolute Poker and UB continue to operate their non-U.S. facing business around the world.”

”We regret that we have been compelled to take these actions. We have worked tirelessly to create a truly amazing company that is filled with extraordinary people. We have always been and still remain fully committed to our employees and players. At the same time, we are confident that this restructuring will strengthen the company and its future,” said a company spokesperson.

Non-U.S. players withdrawal limits have been increased to $1,000 for Visa withdrawals and $500 for all other methods. Players can still only make one transaction a week, but the number of transactions being processed per day has increased. The company is working to “return non-U.S. withdrawals to normal service levels as quickly as possible.”

Also, according to the release, “the company’s legal counsel is in continuing discussions this week with the U.S. Attorney’s office to formalize an agreement that would facilitate the return of funds to US players.”

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