Fontainebleau Las Vegas files for Chapter 11 bankruptcy
The company, which had sued its lenders for us$ 3 billion in April for terminating the loan commitment, said it withdrew its us$ 3 billion lawsuit in Las Vegas and refiled the case in the U.S. Bankruptcy Court in the Southern District of Florida.
Fontainebleau reached a provisional agreement with a group of its non-defaulting lenders for the use of cash for the bankruptcy case.
The us$ 800 million loan was in addition to more than us$ 2 billion in debt and equity that Fontainebleau Las Vegas had already borrowed and invested in the 3,800-room resort, which was 70 % completed.
The company, which is in negotiations to obtain financing to recommence construction at the Las Vegas project, said Fontainebleau Miami Beach was not affected by the filing and would continue to operate as normal.
The Las Vegas project is one of several new luxury resorts slated to open on the Strip, where most operators are already struggling, having dropped room rates and other prices in order to attract recession-wary consumers and businesses.
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