TITLE

Extension lets Station forestall bankruptcy

AUTHOR(S)
Knightly, Arnold M.
PUB. DATE
June 2009
SOURCE
Las Vegas Business Press (10712186);6/8/2009, Vol. 26 Issue 23, pP13
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports on the postponement by Station Casinos of a bankruptcy filing after receiving a fourth extension in order for it to continue negotiating a restructuring plan. A prepackaged bankruptcy plan was proposed by Station in February 2009 that would let it restructure and cut about 50 percent of its $5.7 billion debt load. Under the proposal, investors holding $2.3 billion in bonds are asked to swap high-cost debt for low-cost debt and cash so Station can enter into a Chapter 11 bankruptcy.
ACCESSION #
41879729

 

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