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Station Casinos announced today that they have structured a deal with its key lenders that may allow it to exit bankruptcy this summer.
Station said they expect to file details of the plan in the coming weeks however have said that the Fertitta brothers would make an equity investment and would maintain their positions in the company.
Other creditors and investors will also put money into the gaming company that entered bankruptcy last summer after negotiations with lenders to ease debt burdens failed.
Stations said in a securities filing that it had an agreement in principle with lenders holding mortgages on the Red Rock Casino Resort Spa, Palace Station Hotel & Casino, Boulder Station Hotel & Casino and Sunset Station Hotel & Casino properties and that they were making “significant progress” in negotiations with other creditors.
“We are extremely pleased to have reached an agreement in principle with certain of our key mortgage lenders for the comprehensive reorganization of our Company,” Fertitta III said in a statement. “This is a very important step in our restructuring process. Our commitment to the successful restructuring of our company is demonstrated by (my brother) Lorenzo and me making a significant investment in the reorganized company. This restructuring will create a much stronger company going forward that will benefit our team members, guests and the Las Vegas community as a whole.”
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