Station Casinos files for Ch. 11 protection
Bankruptcy
Station Casinos Inc. voluntarily filed for Chapter 11 bankruptcy protection Tuesday, after the casino operator and its bondholders failed to reach a full agreement during months of negotiations.
The company, which blamed the faltering economy for a falloff in its finances, has $5.7 billion in debt, Chief Accounting Officer Tom Friel told The Associated Press.
A recession-linked decline in tourism is plaguing the casino industry after years of rising profits.
Most of Station's assets are maintained in casino-operating subsidies and affiliates and were not included in Tuesday's filing with the U.S. Bankruptcy Court in Reno, Nev. The assets included in the filing are "nominal," Friel said. Executives said operations at the 33-year-old company will continue as usual.
Station has between 100 and 1,000 creditors, Friel said.
"This is a global economic issue that has forced us to have to go back and reset our debt," Chief Operating Office Kevin Kelley said during an interview.
"The restructuring of our debt will provide us with the financial flexibility necessary to meet the challenges of the current economic environment," Chairman and CEO Frank J. Fertitta III said in a statement. "Equally important, it will provide the resources necessary for us to continue to invest in our properties, take advantage of opportunities as they arise and ultimately enable us to emerge as a stronger company."
Related listings
-
Lear files for Chapter 11 bankruptcy protection
Bankruptcy 07/07/2009Struggling automotive parts supplier Lear Corp. said it has filed for Chapter 11 bankruptcy protection after receiving the support it needed from lenders and bondholders.The company, which makes automotive seating systems and electronics, had been ne...
-
GM bankruptcy plan gains approval
Bankruptcy 07/06/2009General Motors cleared a major hurdle toward a quick exit from bankruptcy as a judge approved a government-backed plan to create a "new GM" that sheds major debts of the ailing Detroit automaker.The ruling released late Sunday paves the way for a "re...
-
Court to determine if bankruptcy hearing needed
Bankruptcy 06/15/2009The Supreme Court will decide whether student loans can be dismissed through bankruptcy with just a notice to the collector instead of a hearing proving that paying the money back would cause an "undue hardship." Francisco Espinosa gave United Studen...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .