Station Casinos, unsecured creditors reach deal
Bankrupt Station Casinos and its unsecured creditors reached agreement Wednesday on a deal that could smooth a path toward finalizing the casino company's planned reorganization.
In a filing with the U.S. Bankruptcy Court in Reno, the Official Committee of Unsecured Creditors, which represents lenders who are owed about $2.3 billion, will gain an ownership stake in the new company being formed by Station Casinos lenders and Fertitta Gaming, a business formed by Station Casinos' founders Frank Fertitta III and Lorenzo Fertitta.
According to documents filed with the court, the unsecured creditors, who had opposed all aspects of Station Casinos' two-pronged reorganization plan, will invest as much as $100 million in the new entity in exchange for up to a 15 percent ownership stake.
