Station Casinos agrees to extend existing forbearance

May 19, 2009 5:05 PM
Industry Insider by Ray Poirier |

Majority debt holders of Station Casinos Inc. have agreed to extend the existing forbearance, granting the company time to develop a restructuring plan, to May 29.

This is the third extension since the company asked the bondholders to give it time to develop an agreeable plan whereby the company could swap some of its high-interest debt in a prepackaged bankruptcy plan.

The company said it had incurred a loss of $33.7 million during the first quarter of operation. This was down substantially from the $70.9 million loss reported in the first quarter of 2008.

Revenue during the reporting period fell 20% to $282.7 million.