Judge questions details of Lake Las Vegas financing plan
Lake Las Vegas Joint Venture responded to an hour of critical questions from bankruptcy Judge Linda Riegle today regarding $11.4 million of $127 million in proposed post-bankruptcy financing from a group of lenders led by investment banking firm Credit Suisse.
Riegle told the debtor company that the chances that she would approve interim financing Monday were “slim and none” before hearing any objections from creditor attorneys.
After consulting with his client, Lake Las Vegas attorney Thomas Patterson of Los Angeles suggested that the company could rely on $1.2 million cash on hand and about $500,000 in total at three golf courses. None of the creditors objected at the hearing, but the judge scheduled a hearing for Wednesday in order to give participants adequate notice.
