Cereus denies bankruptcy rumours

Cereus denies bankruptcy rumours

Friday, 6 May 2011

The poker message boards have been rife rumours concerning the future of the Cereus Poker Newtork and subsequently UB.com and Absolute Poker. Blanca Games, the parent company of Cereus has issued a statement outlining its current position.

“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.” read the statement.

Blanca confirmed that it had liquidated all of its staff but was in the process of rehiring 20% of them in 'key positions'.

A company spokesperson said, ”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.”

The release also addressed rumours of bankruptcy which surfaced in a report from MSNBC earlier this week. According to Blanca, “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.”

The statement also said that Absolute Poker and UB.com had increased their withdrawal limits for non-US players to $1,000 for Visa and $500 for other methods. Players were restricted to one withdrawal a week but Blanca stressed that they “are working to return non-U.S. withdrawals to normal service levels as quickly as possible.”

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Tags: Cereus, UB.com, Absolute Poker, Black Friday