Station Casinos plan to take control of Green Valley Ranch OK’d
U.S. Bankruptcy Court Judge Gregg Zive on Wednesday signed off on a Station Casinos LLC plan to take control of Green Valley Ranch Resort, company spokeswoman Lori Nelson said.
The Reno judge's ruling means about $378 million in Green Valley debt will be extinguished, but the resort will remain in the Station family.
The company in March announced a deal with lenders to buy Green Valley for $500 million. The resort was co-owned by Station and the Greenspun Corp.
Unsecured creditors in the Henderson hotel-casino had challenged the sale, claiming the asking price was too low due to "concerns of insider dealing."
Station Casinos' reorganization plan, which included Green Valley, was approved by state gaming regulators on May 26. Zive approved the company's plan, minus the resort, on May 25.
The Chapter 11 process, which began in July 2009, is expected to be complete in the coming weeks, Nelson said. Station Casinos, which had approximately $6 billion in debt in 2009, will emerge from bankruptcy with $2.5 billion in debt.
