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Spintek Gaming Files for Bankruptcy

The filing came less than a month after Spintek laid off a large number of its employees and warned investors that it might have to file for bankruptcy as a result of "substantial cash needs" following a failed attempt to arrange financing. The filings are Chapter 7, which typically involves the liquidation of a company and its assets.

In its filing, Spintek reported assets of $2,510 and liabilities of $5.74 million. Subsidiary Spinteknology Inc. also filed for Chapter 7 bankruptcy, listing assets of $4.43 million and liabilities of $7.64 million. A third bankruptcy filing was made by Spintek Gaming Inc.; no assets or liabilities were provided.

It is not known what will happen to the 33 employees who worked at Spintek as of mid-October.

Spintek's primary product is AccuSystem, a suite of software products designed to automatically track coin hopper levels across a casino's slot floor. The company had installed this system in 35,000 slot machines in 10 different jurisdictions.

As of this morning, the company hadn't issued a press release or Securities and Exchange Commission filing announcing the bankruptcy. Spintek's stock was trading at 0.5 cents this morning, down 0.1 cents.

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