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A group of unsecured creditors are asking the bankruptcy court to postpone the August 6th auction of 11 of Station Casinos properties, American Indian gaming contracts and land holdings while it pursues an appeal in U.S. federal court.
The bankruptcy court will hear arguments on the request on June 21.
The Official Committee of Unsecured Creditors are claiming that the auction will hurt their chances of recovering the majority of the $2.5 billion worth of debt they hold and are asking the federal courts to review the rulings of the bankruptcy court.
In question is whether or not the bankruptcy court failed to establish an actual value for five hotel-casinos not included in the auction by allowing them to be foreclosed on, if the bankruptcy court imposed less restrictive conditions on the stalking horse bidder than it did on other bidders and the “Texas Station put,” that requires any third-party bidder to pay an extra $75 million to purchase the Texas Station Casino.
Those creditors are concerned that if the auction moves forward before the appeal is heard the sale “will have to be unwound if the reviewing court determines that (bankruptcy) court did not properly approve the bidding procedures, the practical difficulties of undoing such a sale could wreak havoc upon the interests of (Station Casinos) creditors.”
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