Fantasy Aces files for Chapter 7 protection
Fantasy Aces, a Daily Fantasy Sport enterprise with operations in Southern California, announces today that its previous announcement of the acquisition of FAS assets by Fantasy Draft LLC is terminated.
As a result the Company announces today that it instructed counsel to file a voluntary petition under Chapter 7 of the United States Bankruptcy Code.
As previously announced over many months, the Company’s ability to continue as a going concern was dependent on securing additional capital. The Company had been actively seeking from multiple sources to raise additional capital through debt, equity and other capital raising efforts, while also considering many strategic alternatives, since its merger into a public enterprise in 2015. The Company was unsuccessful in raising such additional capital or completing a strategic transaction.
Accordingly, after multiple reviews of the various alternatives available to the Company, the remaining director concluded that voluntarily entering the Chapter 7 process is the best available option to the Company and its stakeholders. The bankruptcy was filed January 31 in The United States Bankruptcy Court, Santa Ana, California, as case number # 8:17-bk-10359-ES; Trustee Richard Marshack; Judge Erithe Smith
The Company’s shares had been halted on the TSX Venture Exchange and the OTCQB. The shares have been terminated without closing as a result of the recently announced departure of its other two remaining directors.