Last night Las Vegas’ mostly locals casino chain, Station Casinos, announced that they were given an extension on their deadline to file for bankruptcy by their lenders. The extension is for 30 days and doesn’t mean that Station Casinos is in the clear just yet.
The May 15 deadline gives holders of $2.3 billion in bonds more time to consider Station Casinos’ offer to buy back investors’ bonds and exchange them with new, discounted notes with extended maturity dates, potentially reducing the company’s debt by $1.7 billion.
The extension postpones a Chapter 11 bankruptcy filing by Station, which anticipates filing for bankruptcy protection regardless of whether bondholders approve the exchange.
Filing for Chapter 11 isn’t always the death of a business. In this case it could allow Station Casinos the ability to restructure, pay off debt and stay in business.
As I’ve mentioned before, I like Station Casinos and think there is a place in the market for them. I, almost always, make it a point to stop off at the Gold Coast. I have plans on doing that again on my next trip. The Gold Coast was on of the places where I honed my gambling chops and I hope things stay in tact.
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