RENO, Nev. (AP) — The head of the Silver Legacy Resort says the Reno casino is out from under the cloud of bankruptcy now that a judge has approved a new settlement with creditors.
The company filed for Chapter 11 protection in May after it failed to make a $142.8 million payment on a 10-year loan that was due in full in March.
Gary Carano, CEO of Circus and Eldorado Joint Venture, said Tuesday the restructuring deal lowers the debt to $97.5 million. He told the Reno Gazette-Journal it includes a new $70 million bank loan and cash from the owners as well as the Silver Legacy's balance sheet.
Carano says the bondholders who agreed to the concessions will receive a $27.5 million second lien on the 1,700-room property that opened downtown in 1995.
Information from: Reno Gazette-Journal, http://www.rgj.com
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