Steve Green of the Las Vegas Sun reports that the management of Station Casinos have reached a deal in principal with key lenders that will allow them to reorganize and retain control of the company. While the company didn’t disclose details, the arrangement with lenders holding $2.475 billion of debt secured by four of Station’s […]
Station Casinos
Station Casinos: Judge Urges Negotiation
Cy Ryan of the Las Vegas Sun reports that a federal bankruptcy judge has advised Station and its creditors to re-enter negotiations in order to avoid a ruling that may not be in the best interest of the business. After six hours of arguments, a federal bankruptcy judge advised Station Casinos and unsecured creditors to […]
Station Casinos Bankruptcy Saga Continues
Steven Church of Bloomberg reports on the latest developments regarding the Station Casinos bankruptcy process, which has been unfolding over the last several months. Station Casinos Inc. doesn’t need an examiner to investigate how the company is handling its bankruptcy, the judge overseeing the case said, rejecting part of the takeover strategy pursued by Boyd Gaming […]
Station Casinos Inc. Downgraded To ‘D’ On Bankruptcy Filing
— Station filed for Chapter 11 bankruptcy protection. — We lowered our issue-level rating on the company’s senior secured debt to ‘D’. — We revised our recovery rating on the company’s senior unsecured notes to ‘5’ from ‘4’. NEW YORK, July 29, 2009–Standard & Poor’s Ratings Services said today it lowered its issue-level rating on […]
Station Casinos’ 6.625% Senior Subordinated Notes Lowered To ‘D’
NEW YORK, March 20, 2009–Standard & Poor’s Ratings Services said today that it lowered its issue-level rating on Las Vegas-based Station Casinos Inc.’s 6.625% senior subordinated notes to ‘D’ from ‘C’. The rating action reflects the missed March 15, 2009 interest payment on the notes. A payment default has not occurred relative to the legal […]