Stations Casino Seeks Creditor Poll

Posted: July 9, 2010 Posted by: Wall Street Journal

Station Casinos is seeking permission for the bankruptcy court to submit its bankruptcy-exit plan to creditors for a vote.  The plan would reorganize Station around four of its Las Vegas casinos after auctioning off many of its other casino properties.  The auction is set to begin on Aug. 6 and Station's founding Fertitta family has agreed to open up the bidding with a $772 million bid.

Senior lenders, owed $2.5 billion, would get a controlling stake in the properties that don't sell, then sell 46% of the equity to the Fertittas.  A group of independent lenders have voiced their opposition of the plan.  The independent lenders are upset the plan grants the Ferittas and Station insiders releases that protect them from potential lawsuits.


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