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Station Casinos and bankruptcy: Letting the chips fall where they may
By Zach Arnold | February 9, 2009
The Las Vegas Sun has a new article talking about a pre-packaged bankruptcy offer by Station Casinos to avoid Chapter 11 proceedings.
What’s at stake? If the pre-packaged bankruptcy offer is approved by bondholders, the Fertitta family will remain in control. If it’s not approved, it’s a free-for-all.
Topics: Media, Zach Arnold | 2 Comments » | Permalink | Trackback |
Too bad. I guess it just shows how quickly things can turn in a free market economy. Hopefully it doesn’t negatively impact UFC too much.
Pre-packaged is the typical way that reorganization bankruptcies happen for larger companies. In certain industries, shuttering the business for a week or month can destroy the value of the company completely.
Auto, airlines, and apparently casinos.