Station Casinos, lenders agree on reorganization
Privately held Station Casinos Inc. says it has agreed with key lenders on a bankruptcy reorganization plan.
The Las Vegas-based casino company said Thursday that it is progressing in talks with other creditors, and it plans to file its plan in U.S. Bankruptcy Court in Reno in March.
Company officials say they'll use cash infusions and new credit facilities to reduce secured and unsecured debt. The plan calls for the current management to remain.
The company says owners Frank Fertitta and Lorenzo Fertitta would contribute a significant equity investment.
Details were not immediately available.
Station filed for Chapter 11 bankruptcy protection in July. It says it has been negotiating with lenders and others since 2008.
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