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Bankruptcy Judge Gregg Zive, has said that he will allow Station Casinos opposing creditors a chance to question the company’s financial advisers before ruling on their request to hold an auction on several of their gaming properties.
The ruling on the auction request will be postponed until the end of May, at the earliest and Station has also been granted an extension until June to update its bankruptcy exit plan following the outcome of that ruling.
Stations owners have proposed splitting the company into two parts, both of which would be taken over by partnerships led by the current bankrupt owners, the Fertitta brothers. Under the proposal the auctionable properties would be stripped of its computer system valued at $38 million.
That plan has come under attack from unsecured creditors and some lenders who say it is an insider deal designed to let the Fertittas keep an ownership stake in the company without paying full value.
Zive agreed that the auction proposal gave Stations directors too much control over the winning bidder, and suggested that he may also postpone considering a new lease agreement that led some lenders to side with the proposed plan.
“If they want them to be approved, they should probably demonstrate some flexibility on timing,” the Judge said.
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