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Station Casinos files for Chapter 11 bankruptcy protection

By Zach Arnold | July 28, 2009

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Wall Street Journal:

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.

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Topics: Media, Zach Arnold | 1 Comment » | Permalink | Trackback |

One Response to “Station Casinos files for Chapter 11 bankruptcy protection”

  1. Alan Conceicao says:

    And no one is surprised. Next on the block: MGM/Mirage!

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