Ruling on potential takeover fight for Jerry’s Nugget expected by Friday
U.S. Bankruptcy Court Judge Mike Nakagawa will decide by Friday whether to open the way for a takeover fight for North Las Vegas locals casino Jerry’s Nugget.
During a hearing on Wednesday, an attorney for creditor U.S. Bank requested ending exclusivity, during which the owners of a company in Chapter 11 reorganization are the only ones who can submit a reorganization plan. The bank would then propose taking ownership from the Stamis family, which has owned Jerry’s Nugget for five decades, then selling it to raise the money to pay off debt.
Jeremy Stamis, president of Jerry’s Nugget, submitted his own plan that calls for paying off the main lenders over time over various periods, seven years for U.S. Bank. He and his brother Joseph Stamis would also put in $400,00 to effectively buy back the company.
The on-going disagreements with the bank caused Jerry’s Nugget to file the bankruptcy last August, after a fall in business during the recession left it unable to repay loans.
Contact reporter Tim O’Reiley at
toreiley@reviewjournal.com or 702-387-5290.
