Station Casinos receive 4th extension

Jun 2, 2009 5:05 PM
by Ray Poirier | Money lenders have decided to play nice rather than mean in their approach to Station Casinos, the Las Vegas-based gaming company that has a debt load of $5.7 billion.

For the fourth time, the bondholders have agreed to extend the negotiation period that Station Casinos executives have been using to develop a prepackaged Chapter 11 bankruptcy filing.

The most recent proposal asked investors holding $2.3 billion in bonds to swap high-cost debt for low-cost debt coupled with a cash payment. That would be followed by a $244 million cash infusion by the partnership of the Fertitta family and Colonial Capital.

The length of the most recent extension was not announced.

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