Two Way Hard Three | Las Vegas Casino & Design Blog

February 3, 2009

Station Casinos to Enter Prepackaged Bankruptcy

Posted by Hunter

In what comes as no surprise to Vegas-o-philes, Station Casinos is restructuring their debts under bankruptcy protection:

http://www.lasvegassun.com/news/2009/feb/03/station-casinos-unveils-restructuring-plan-appease/

If approved, Station would continue to operate under current management, though the equity partners have to kick in $244 million.

Station is one of the largest employers in Las Vegas.


Categories: Business of Gaming, Station Casinos
Tags: lasvegas, station, stationcasinos, vegas


Comments

Read archived comments (4 so far)
February 5, 2009 8:24 AM Posted by Mark D

They may need to sweeten the offer more to get some of the bond holders to agree to the prepackaged deal.
http://uk.reuters.com/article/bondsNews/idUKN0456138120090204
So far Colony and the Fertittas have lost about $3.5 billion since going private.

February 5, 2009 12:17 PM Posted by mike_ch

Boy, do I know some people who are very glad about this.

Station had been in talks for nearly a decade to operate a tribal casino in my hometown and has met heavy resistance from the community, and the local paper is almost gleeful to see this development.

February 13, 2009 9:21 PM Posted by Mark D

Class action lawsuit filed by bond holders against Station Casinos.
http://www.lasvegassun.com/news/2009/feb/13/station-casinos-sued-over-reorganization-plan/

February 17, 2009 5:30 PM Posted by Mark D

In this article today it says that if the bondholders don't approve the package by the deadline it could force them to liquidate the company.
http://www.lasvegassun.com/news/2009/feb/17/station-casinos-skips-155m-interest-payment/