JUDGE ASSURES PASSAGE WON'T BE DESERTED

November 17, 2001 10:57 PM
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The Aladdin hotel has received financial backing that will allow its survival through the end of next year, according to a Las Vegas Review-Journal report.

Federal bankruptcy judge Clive Jones approved a $50 million financing plan after the mega-resort's Sept. 28 bankruptcy filing.

The 15-month-old Aladdin reported a net loss of $86.2 million on gross revenue of $65.4 million for the quarter that ended Sept. 30.

Aladdin lawyers said the loan will be sufficient to play employee salaries and other bills through next year. The property is expected to generate positive cash flow during the next 13 months.