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The owner of Nevada-based Terrible’s Casino chain, Herbst Gaming, has announced that they intend to restructure their debt obligations with a prearranged bankruptcy plan. Herbst Gaming owns and operates about 15 casinos in Nevada, Iowa and Missouri as well as a slot route business with almost 7,000 slot machines in grocery stores, bars and restaurants throughout the Las Vegas area.
Herbst blames their facial troubles on the nation’s economic recession in combination with the smoking ban in casinos. Herbst, which has more than $1 billion in outstanding debt, has reached an agreement with the bank lenders holding about 68 percent of their loans.
The new deal allows Herbst to in essence split interests in the company in two. Herbst’s plan is conduct business as usual while the re-organization is put to work. According to a company spokesman, Herbst will retain control of the slot route business, while the casinos will be owned by the lenders.
CEO Troy Herbst says the move should not affect day-to-day operations or employees.
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