Officials with Herbst Gaming Inc. says the company will give up control of its casino businesses while it seeks to restructure its debt in bankruptcy court.
The Las Vegas-based company says it has reached agreement with its lenders and will file Chapter 11 restructuring plans in U.S. Bankruptcy Court later this month.
A company official says under the plan, Herbst will give up ownership of its 15 casinos in Nevada, Iowa and Missouri. But it will keep 90% control of its slot machine route operations in stores, bars and restaurants across Nevada in a holding company.
CEO Troy Herbst says the move should not affect day-to-day operations or employees.
Herbst owns casinos in St. Joseph and LaGrange, Mo.
Information from: Reno Gazette-Journal
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