Judge approves Reno casino bankruptcy deal

Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 10/24/2012 6:56 am

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


©2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

No comments yet!
NEWSCASTS ON DEMAND

What's On

All content © Copyright 2014 Intermountain West Communications Company. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.
You may also view our Sitemap

Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.