Station Casinos files for reorganization extension

Station Casinos has asked a federal bankruptcy judge for a four-month delay in proposing a reorganization plan for the gambling company, a move attorneys for the Las Vegas-based internet casino operator hinted at last month.

In a filing Friday with the U.S. Bankruptcy Court in Reno, Station Casinos asked Judge Gregg Zive to extend a Nov. 25 deadline until March 25, saying the recession has made formulating the reorganization plan a challenging task.

Station Casinos said its properties are still being “negatively impacted” by the sour economy.

“The financial performance of many of the Debtor’s key business units have yet to stabilize, making valuation of the Debtors’ businesses and assessments of their future prospects — and therefore the formulation of a plan of reorganization — extraordinarily challenging,” the filing stated.

The matter will be heard on Nov. 20 in Reno. Last month, Station Casinos attorneys told the judge they would most likely file a motion seeking an extension.

In the filing, Station Casinos attorneys said the company needs more time to file a plan because there have been “conflicting and competing interests” among the various creditor groups, which are “jockeying for position.”

“In the face of this intercreditor jockeying, the Debtors may be the only parties in a position to advance a plan of reorganization that properly balances the interests of all of the estates and their respective stakeholders,” according to the filing.

The company filed for bankruptcy protection on July 28 with roughly $6.5 billion in long-term debt.

Creditors are feuding over portions of Station’s November 2007 transaction in which it was taken private by an affiliate of Los Angeles-based investment firm Colony Capital and the Fertitta family, which founded the company.

One group of creditors believes Station Casinos’ board may have had conflicts of interest when it rejected Boyd Gaming Corp.’s offer to buy most of Station Casinos’ assets for $950 million and when it arranged financing for the company’s buyout.

The lenders are questioning whether the buyout’s financing, which is divided into three stacks of loans, each with different investors but all controlled by Station Casinos’ board and administrating casino bonuses bank, Deutsche Bank, might be improperly benefiting the company and its primary lenders at the expense of the smaller lenders.

Company attorneys told the judge extending the timeline could save time and money while allowing Station Casinos to come up with plan “that has the best possible chance of success for the reorganization of the Debtors’ businesses.”

Station Casinos operates 18 properties in Las Vegas, Henderson and North Las Vegas. The company also manages an American Indian casino near Sacramento, Calif.

This entry was posted on Thursday, December 17th, 2009 at 4:05 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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