bankruptcy questions

Posts Tagged ‘U.S.’

A discussion with Richard Tilton of Covenant Review with the legal implication of a Chapter 11 filing after the administration says that Chrysler will proceed with bankruptcy filing. (Bloomberg News)

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Technorati Tags: Automotive, business, economy, Government, Politics, U.S.

Maybe this is why I got 2nd night free when I stayed a few days ago?
Herbst Gaming Inc., a casino operator, and certain subsidiaries filed for Chapter 11 U.S. bankruptcy protection today under a previously negotiated agreement with creditors.

The company will split its casino and slot machine businesses into two holding companies, Las Vegas-based Herbst said in a statement. The company plans to keep operating its 15 casinos during the reorganization, it said.

Consumers have been curbing spending in the recession, leaving casinos with falling sales and mounting debt loads. Herbst posted more than $100 million in losses in both 2007 and 2008.

The debt load was burdensome, Chief Executive Officer Troy Herbst said in the statement.

Earlier this month, the company said its reorganization will convert about $847 million under its credit facility into debt of the reorganized companies, as well as cancel about $330 million in bonds. The Herbst family will get a 90 percent stake in the slot machine business, after contributing a new gaming license.

The company, which has 5,400 employees, owns 12 casinos in Nevada, two in Missouri and one in Iowa. It has more than 6,800 gaming machines throughout the state of Nevada.

Monorail connecting whiskey petes to other casinos
A monorail is a rail-based transportation system based on a single rail, which acts as its sole support and its guideway. The term is also used variously to describe the beam of the system, or the vehicles traveling on such a beam or track. The term originates from the contraction of the words mono (single) and rail, from as early as 1897[1], as early systems used metal rails. The transportation system is often referred to as a railway[2]. In contrast, a light rail system has two rails sharing support of the train which also share the responsibility of guiding the train.
Buffalo Bill’s is a hotel and casino located in Primm, Nevada, near the California-Nevada stateline. It has 1,242 guest rooms and suites. The hotel is home to the Desperado roller coaster, one of the tallest (225 foot drop) and fastest (80 mph) roller coasters in the world, as well as a pool in the shape of a buffalo.

The 46,000-square-foot (4,300 m2) casino has over 1,700 slot machines, as well as table games, poker, and a race and sports book. Buffalo Bill’s Resort and Casino is owned by Primadonna Resorts.

Buffalo Bill’s is also home of the Star of the Desert Arena, a 6500 seat venue designed for concerts.

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Technorati Tags: 11, bankruptcy, casino, chapter, Gaming, Herbst, monorail, nevada, protection, U.S.