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