Gaming kiosk company files for Chapter 11

LOUISVILLE, Ky. -- Gaming kiosk manufacturer Agora Interactive Inc. has filed for Chapter 11 reorganization in U.S. Bankruptcy Court, citing fiscal year-ending debt that outdistanced company's assets by about $500,000.

The Louisville, Ky.-based company ended its fiscal year on Aug. 31, 2000, with unsecured debts of $1.6 million and assets of $1.1 million, reported local business news publication Business First.

The Chapter 11 filing lists an estimated 50 to 99 creditors, according to Business First, including several with claims of more than $100,000: Louisville investment firm Ogden Associates Inc.($120,321) and Homdel, N.J.-based Avaya Inc. ($100, 084). Also listed among the largest claims in the filing is severance pay to seven individuals at $7,900 each, Business First reported.

According to the publication, Agora CEO David Doctor declined to comment about the proceedings, saying it was against company policy to discuss pending litigation and related matters.

Business First cited its own June 1999 story in which Doctor said Agora had considered to few options in marketing its kiosks. Doctor, who joined the company that month to raise venture capital and revise Agora's business plan, suggested deploying the units to retail outlets that included restaurants.