It says it has us$ 350 million in cash on hand to pay expenses and fund operations
Station Casinos seeking support for restructuring
(US).- Station Casinos says it is asking bondholders to support a restructuring plan that would reduce the casino operator’;s debt and interest expenses.
2009-02-05
Reading time 23 seg
The private company based in Las Vegas said late Tuesday that its owners, the Fertitta family and Colony Capital, will contribute up to us$ 244 million in cash if bondholders agree to the plan.
After bondholders vote on the plan, the company would file for Chapter 11 bankruptcy protection. The company says it chose not to make a scheduled us$ 14.6 million interest payment Tuesday to holders of us$ 450 million in notes because of the plan.
Station says it has us$ 350 million in cash on hand to pay expenses and fund operations as of January 31.
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