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Station Casinos Asks BondHolders For Chapter 11 Bankruptcy Approval

Posted By Las Vegas Real Estate Agent Bill On February 18, 2009 @ 11:51 pm In Las Vegas News, Las Vegas Casinos | Comments Disabled

Durango Station ResortStation Casinos Las Vegas casino operator skips $15.5 million debt payment this week on their commercial real estate.  According to the Securities and Exchange Commission this is the second time this month Station Casinos has missed a payment.

A lawsuit was filed last week against Station Casinos which stated the bankruptcy was “without merit” by an individual bondholder.

In Nevada federal court on February 12 the lawsuit filed by S. Blake Murchison claims the Las Vegas gaming operator is favoring institutional investors over individual bondholders by “trying to avoid honoring the debt obligations they owe a large portion of their bondholders.”

Station Casinos disputes the charges, claiming “all holders of the company’s outstanding senior notes and senior subordinated notes, respectively, would receive the same consideration” under the Chapter 11 bankruptcy plan “regardless of whether such holders were eligible to participate in the solicitation of votes for the plan.”

Earlier this month on February 1, 2009 Station Casinos passed on making another payment of $14.6 million of debt on a second mortgage loan.  Several days later on Feb 3, offered the bondholders if the prepackaged bankruptcy could be approved for a Chapter 11 Bankruptcy next month.  If approved they expect it to be completed by this summer. Source: Review Journal

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Station Casinos asks bondholders for chapter 11 bankruptcy approval.


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