BANKRUPTCY WEEK AHEAD: Station Casinos Seeks Creditor Poll
On Thursday, Station Casinos Inc. will ask the Reno, Nev., bankruptcy court for permission to send its bankruptcy-exit plan to creditors for a vote.
The company plans to reorganize around its four Las Vegas casinos after auctioning off many of its other casino properties. Station's founding Fertitta family has agreed to open up bidding at the auction, slated for Aug. 6, with a $772 million bid.
Under the plan, senior lenders owed $2.5 billion would get a controlling stake in the casino properties that Station doesn't sell, then sell 46% of the equity to the Fertittas, who also own the ...
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