Hooters Casino filing for Chapter 11 bankruptcy protection comes as no surprise since the bondholders have been threatening foreclosure since earlier this year, but it finally went down yesterday.
The bankruptcy filing will likely halt the foreclosure on that date, although Canpartners can ask the Bankruptcy Court later for permission to foreclose.
Records indicate the property is encumbered by mortgage and bond debt totaling $162 million plus hundreds of thousands of dollars in trade claims. The initial filing didn’t fully disclose exactly how much is owed or exactly how much 155 East Tropicana feels the property is worth.
The Hooters bankruptcy aimed at blocking a foreclosure is in contrast to another recent Las Vegas gaming bankruptcy — Riviera Holdings Corp. — that was far friendlier.
Chapter 11 doesn’t mean out of business and the casino will remain open during the proceedings. Last week I had a column at Vegas Chatter about best casinos by tier – cheap, mid-range, high end and Hooters came up a few times as a surprising cheap place to stay. I may have to expedite a trip there in case things get worse.
I don’t know much about this place other than a friend got pink eye after a 15 minute visit. I’ve had no desire to visit since. I don’t want pink eye.
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