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Station Casinos files for Chapter 11 bankruptcy protection
By Zach Arnold | July 28, 2009
Despite months of haggling, the company failed to reach a prearranged agreement with all its lenders. Bondholders control $2.3 billion of the company’s $5.7 billion in debt.
The company’s 18 casinos are separate entities wholly owned by Station and aren’t part of the bankruptcy filing. They will continue to operate as usual, a Station official said. All of the debt is held by the parent company.
However, senior secured lenders did agree to allow the parent company to borrow up to $150 million from its noncasino subsidiaries, according to a filing with the Securities and Exchange Commission.
Other articles:
- Bloomberg: Station Casinos files for bankruptcy as talks fail
- Associated Press: $5.7 billion USD in debt
- Zak Woods: Shedding creditors
- KXNT Radio: Reaching a deal with its secured lenders
- Reuters: Recession or over-leveraging?
- The Las Vegas Sun: History of Station Casinos
Topics: Media, Zach Arnold | 1 Comment » | Permalink | Trackback | Share This
And no one is surprised. Next on the block: MGM/Mirage!