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Continuing the Transformation

PacficNet has settled all of the pending litigation against the company and has agreed to some very specific terms related to paying back some of the company’s bondholders over the next year. PacificNet is positioned within the Asian online casino and mobile gambling industry and has encountered some serious financial problems in recent months with the company’s bondholders in the United States. PacificNet sought bankruptcy in Delaware as a way to stay afloat despite the debentures to the bondholders. Fortunately for all parties involved PacificNet and the bondholders have come to an agreement on terms of remaining debentures.

The specifics of the plan call for a reasonable but efficient timeline for repayment of some nearly $6.2 million of convertible debentures. Solving the problem was in everyone’s best interests and the plan as it is now will allow PacificNet to be back in the Asian online casino technology development industry in no time. The Asian online and mobile gambling industries are at the ground floor of development and PacificNet is perfectly positioned to provide cutting edge technology for the market now that the threat of bankruptcy has been avoided.

The repayment processes have been decided and now the online casino and mobile technology provider enters the repayment period of the process. The timeline calls for PacificNet to begin paying, in cash or common shares, the first portion of the $6.2 million by December 15, 2008. If the process is going as planned the bondholders and PacificNet will drop all litigation and bankruptcy requests. The CEO of the company was optimistic about the coming months and made sure to state that the “turbulent market” has had an effect on PacificNet, yet the company does plan to go forward with technology developments and strategies for the Asian online and mobile gaming markets.