Station Casinos signs extension, delays possible bankruptcy filing

Station Casinos today signed another extension of the company’s forbearance agreement with its lenders, delaying a possible bankruptcy filing for the company for another two weeks.

The agreement lets the locals casinos company, which has been hit by declining gaming revenues, continue negotiating terms of a proposed prepackaged bankruptcy agreement to restructure part of its $5.7 billion debt load.

In a filing with the Securities and Exchange Commission, the company said its bond holders had extended the forbearance period until May 29.

This is the third extension the company has received since it unveiled its own reorganization plan earlier this year. Station Casinos said the extension will “permit (the company) to continue ongoing discussions regarding the terms of its restructuring with the lenders and the holders of its notes.”