http://www.bankruptcyhome.com/bankruptcy-news/800483900/Nevada-casino-owner-files-for-Chapter-11
Nevada casino owner files for Chapter 11
Eric Sanderson. April 13, 2011
The owners of multiple Nevada casinos recently had its affiliates file for Chapter 11 bankruptcy protection, in hopes of reorganizing debts and setting up an asset sale.
The owners of multiple Nevada casinos recently had its affiliates file for Chapter 11 bankruptcy protection, in hopes of reorganizing debts and setting up an asset sale.
Station Casinos Inc. affiliate Fiesta Station Inc., claimed assets of approximately $500 million, but liabilities were more than $1 billion, according to a report. The filing occurred in U.S. bankruptcy court in Reno, Nevada.
A total of 26 other companies related to Station Casinos are seeking similar protection avenues, the news source reported.
Green Valley Ranch Resort, Spa and Casino, located in Las Vegas, is owned in part by Station Casinos, and will be purchased for $500 million, according to Bloomberg. The resort plans to exit bankruptcy in the coming months.
The parent company, Station Casinos, originally filed in 2009, but it was not confirmed by the court until last August, the news source reported.
Chapter 11 bankruptcies allow companies to reorganize their debts without the burden of creditors demanding funds. A majority of creditors have to agree to the plan in order for it to have success in court.