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Bankrupt Station Casinos has announced that they have petitioned the bankruptcy court to except a “stalking horse” bid of $772 million from Fertitta Gaming.
Stations founding family and mortgage lenders have formed a new company with the hopes of purchasing their own assets out of bankruptcy by the end of the year.
The company filed for protection from creditors last July after being unable to ease the debt it took on in 2007 when the Fertittas and Colony Capital took it private in a $5.4 billion leveraged buyout.
The bid has support from a committee representing lenders of more than 60 percent of its senior secured bank debt since it involves “significant new investment” by the Fertittas and a “substantial cash recovery” for senior bank lenders.
Lenders on the rest of Station’s casinos would take ownership of the Red Rock Casino Spa, Palace Station, Boulder Station and Sunset Station and sell a 46 percent stake back to the Fertittas for $85.6 million.
With this plan the Feritta’s will resolve their company Station Casinos debt, however still retain a large percentage of all of their existing gaming properties.
Rival bidders would have a chance to make competing bids in a court-supervised auction. Boyd Gaming remains firm in their desire to acquire the casinos.
“We remain interested in acquiring Station assets and look forward to reviewing the plan when it is made available to the rest of the creditors” said Boyd spokesman Rob Meyne.
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