Station Casinos Reach Deal
- Station Casinos
- Vegas News
- Bankruptcy
Station Casinos Inc. today announced it has reached an agreement with key lenders that the company hopes will clear the way for it to receive approval to emerge from bankruptcy this summer. While the company didn’t disclose details, the arrangement with lenders holding $2.475 billion of debt secured by four of Station’s most valuable hotel-casinos is expected to result in the lenders swapping some debt for equity in the company.
While there has been discussion in the bankruptcy case that the lenders could take control of the four properties and that the properties would be spun off or sold, the agreement disclosed today does not do that. Instead, the deal, if approved, would keep the company and its 18 casino properties and extensive land holdings together. Click here to read more of this article at the Las Vegas Sun.